Reuters | Nieman Lab | The New York Post
That’s what Cablevision Systems Corp is reportedly offering. According to Reuters reporter Liana B. Baker, the cable television company is preparing to bid on the sale of the longtime New York City tabloid, but offer just $1 in light of the paper’s financial troubles.
In addition to its cable properties, Cablevision owns the Long Island daily Newsday, which competes with the Daily News.
The Daily News reported its average circulation for the six-month period ending March, 2014 as 338,944. Reuters reports that according to “person familiar with the matter,” Cablevision has based its offer on the newspaper’s reported losses of $30 million a year, as well as a $150 million investment in new printing equipment. According to Ken Doctor at Nieman Lab, the Daily News’s daily single-copy sales have declined from 290,000 in the fall of 2011 to 168,000 in the fall of 2014, a 42 percent decline over three years.
Real estate magnate Mortimer Zuckerman put the Daily News up for sale a month ago. The New York Post, the Daily News’s bitter rival for the city’s tabloid market, reports that other bidders may include the supermarket mogul and onetime mayoral candidate John Castimatidis, as well as Jimmy Finkelstein, the owner of The Hill.
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