August 20, 2015 / 3:21 PM / 3 years ago

New York Daily News no longer up for sale, Zuckerman says

(Reuters) - The New York Daily News is no longer for sale, according to a memo sent to employees by the newspaper’s owner, Mort Zuckerman, on Thursday.

Copies of the New York Daily News are displayed on a newsstand in New York's Times Square March 31, 2015. REUTERS/Brendan McDermid

The memo from the media and property mogul said that, after meeting with several potential suitors, he had “decided to withdraw the Daily News from the market.”

Prospective bidders were being informed of the decision by financial advisers conducting the sale process, said the memo, which was seen by Reuters.

Zuckerman, who put the New York Daily News on the auction block in February, wanted $200 million for the paper, but bids came in below that amount and he will now likely have to sell it for much less, people close to the matter have said.

Reuters previously reported that, though there were high-profile bidders for the tabloid newspaper, a deal was far from certain given the Daily News’ declining readership and growing liabilities, the people had previously said.

Zuckerman said in his memo to employees that he believed in the Daily News, adding that the paper had sharpened its focus on how best to move the business forward.

Editing by Jonathan Oatis

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