Exclusive: Cablevision to make $1 offer for New York Daily News

The offer would come one month after New York media and real estate magnate Mortimer Zuckerman said he was considering selling the newspaper and had hired Lazard Ltd (LAZ.N) to assist with the process. Cablevision's $1 bid takes into account the New York Daily News' reported $30 million annual loss and $150 million investment in a printing press, and declining circulation that relies heavily on newsstand sales rather than on subscriptions, the source said. Cablevision declined to comment while a representative for the New York Daily News could not immediately be reached for a comment. Cable distributors such as Cablevision and its larger rivals have also been under pressure to stop consumers from dumping their cable subscriptions, or "cutting the cord", as subscribers shift to internet services such as Netflix and Hulu.

via Business News http://ift.tt/1NxfrFK