Well, this is sad. Numerous outlets are reporting that Cablevision is putting in a bid of $1 to buy beleaguered New York paper the Daily News.
The upcoming bid isn’t, apparently, a joke. Reuters reports that there is at least some financial justification for straight-up trolling:
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 is headed by billionaire James Dolan, who also owns Newsday and the Madison Square Garden Company.
The New York Times reports that Gristedes owner John A. Catsimatidis is also expected to put forth an offer, presumably offering more than 1 fucking dollar.
Media and real estate mogul Mortimer Zuckerman, owner of the Daily News, has been considering selling the tabloid for a month now. It “loses millions each year,” according to the Times.
(Photo: yum9me)
