Cablevision planning offer to buy New York Daily News company for $1

The tabloid has been struggling with a declining readership for years

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The Independent US

A copy of the New York Daily News can be picked up at nearly any newsstand in the city for $1.25, but the entire company could be sold for just $1, if its owner accepts an offer expected to come soon.

Reuters reported that US cable company Cablevision is planning to make a $1 offer for the Daily News as early as this week. Last month, Mortimer Zuckerman, the paper’s owner, said he was considering selling the publication after years of waning readership and shrinking advertising revenue.

 

Cablevision’s seemingly low bid takes into account the $30 million annual loss by the paper and its $150 million investment in a printing press, according to Reuters. The company is controlled by the Dolan family and also owns Newsday.

 

The Daily News was founded in 1919 and, according to the paper’s website, it has the seventh-highest daily circulation of US newspapers, with 338,944 daily readers.

 

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