Report: Cablevision to make $1 Offer to Purchase New York Daily News

Reuters is reporting that cable operator Cabelvision System Corp. is planning on making a $1 dollar offer to purchase the New York Daily News.

Cablevision’s $1 bid takes into account the New York Daily News’ reported $30 million annual loss and $150 million investment in a printing press, and declining circulation that relies heavily on newsstand sales rather than on subscriptions, the source said.

Cablevision already owns Newsday, New York’s suburban newspaper. The cable company is controlled by the Dolan family who also run the Madison Square Garden company.

New York City has its share of media conglomerates, but Cablevision has to be one of the more intriguing, primarily because of James Dolan. Dolan seems to be poised to want to corner the New York market, but only time will tell if Cablevision will soon dominate the largest media market in the country.

ZMP