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News Corp pulls bid for Newsday

NEW YORK
Sat May 10, 2008 12:52pm EDT

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NewsCorp CEO Rupert Murdoch arrives for Time magazine's 100 most influential people gala in New York May 8, 2008. News Corp has withdrawn its bid to buy Tribune Co's Newsday newspaper, a spokesman said on Saturday. REUTERS/Lucas Jackson (UNITED STATES)

NEW YORK (Reuters) - Rupert Murdoch's News Corp NWSa.N has withdrawn its bid to buy Tribune Co's Newsday newspaper, a spokesman said on Saturday.

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The spokesman said the deal had become "uneconomical."

Cablevision Systems Corp (CVC.N) earlier bid $650 million to buy the newspaper, topping two $580 million offers -- one from News Corp and one from New York Daily News publisher Mortimer Zuckerman.

(Reporting by Kenneth Li; editing by Mohammad Zargham)
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