Zuckerman submits $580 mln Newsday bid

Fri Apr 25, 2008 11:56pm BST

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NEW YORK (Reuters) - New York Daily News owner Mortimer Zuckerman has submitted a $580 million (292.48 million pounds) bid for Tribune Co's Newsday daily newspaper on Long Island, New York, matching a bid by News Corp NWSa.N Chief Executive Rupert Murdoch, according to a source familiar with the matter.

Murdoch's New York Post daily tabloid newspaper is the chief rival to Zuckerman's Daily News. Murdoch's bid would leave a small percentage of the paper in the hands of Tribune in order to defer the tax hit that Tribune would take if it sold the paper.

Zuckerman's bid is similarly structured, the source said.

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