Cablevision Systems Corporation has an arrangement to buy New York Daily News on unbelievable price. According to close sources, the American cable television company is planning to part with only $1 to get a whole media that has been there for approximately 100 years. The sources however don’t know the reason Cablevision feels the tabloid is worth $1.
Reuters say New York Daily News made an annual loss of $30 million, $150 million investment in a printing press and the reduction in circulation. All these must have resulted to financial trouble. The tabloid having been known to be going through troubles, Cablevision seems to have the perspective that the owner is desperate to get the buyer, hence planning for the little offer to get the news media.
This follows last February’s announcement by Mort Zuckerman, the co-founder and the owner of the tabloid. In the announcement, Zuckerman said he had hired an investment bank and that he was going to start looking for anyone who wants to buy the tabloid.
“A few weeks ago, we were approached about our potential interest in selling the Daily News,” Zuckerman said. “Although there were no immediate plans to consider a sale, we thought it would be prudent to explore the possibility and talk to potential buyers and/or investors.” He added.
New York Daily News which belongs to real estate mogul Zuckerman is said to have been experiencing troubles and Zuckerman must be very ready to through it away. However, it’s not known whether he is ready to spit it out of his portfolio at such a low price. Cablevision Systems Corporation might have to change the price in order to gain the ownership.