• The New York Times, Thursday, May 1, 2008 10:45 AM

The owners of The New York Observer dropped out of the bidding to buy New York's Newsday and former suitor Cablevision is putting together a new bid, according to sources. The new bid is expected to be more than $600 million, which would top offers from Rupert Murdoch and Mortimer B. Zuckerman. For Cablevision, which is already the dominant cable television provider on Long Island, owning Newsday would strengthen its hold on an affluent, suburban market.

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