Daily News' Zuckerman to rebid on Newsday, source says

NEW YORK (Reuters) - New York Daily News owner Mortimer Zuckerman plans to submit a new, formal bid by the end of the week for Newsday, the daily newspaper on Long Island, New York, a source close to the discussions said Tuesday.

Reuters and other media outlets reported that Zuckerman's rival, Rupert Murdoch, who owns the New York Post and is the News Corp chief executive, has reached an agreement in principle to buy the paper from Tribune Co for about $580 million in what would be a joint venture.

The source declined to say if Zuckerman's bid is higher than News Corp's or how it differs from a previous bid.

(Editing by Jeffrey Benkoe)