Cablevision Drops Out of Daily News Bidding

A smart decision.

Cablevision and its owner, James Dolan, have decided that their offer of one dollar for The New York Daily News was too sweet. According to Reuters, the cable giant has removed itself from the bidding process.

Cablevision execs had apparently seen enough of the Daily News’ awful numbers—it is rumored to lose between $20 and $30 million a year—and decided maybe this deal wasn’t such a good idea after all. Imagine that. Business smarts! From the owner of the Knicks!

The three remaining suitors, undaunted by the prospect of flushing money down the toilet, include John Catsimatidis, Jimmy Finkelstein and Jon Peters.

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