Reginal Thomas
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Cablevision Makes $1 Offer To Buy The New York Daily News

Cablevision Systems Corp. is working on an offer for the New York Daily News this week, valuing the troubled periodical at just $1. Last month New York media and real estate magnate Mortimer Zuckerman said he was considering a possible sale of the newspaper and hired Lazard Ltd to help them on the process. For years the tabloid has been plagued with declining readership and falling advertising revenue.

Cable distributors such as Cablevision have been under pressure to stop consumers from “cutting the cord” as subscribers shift to the internet for services such Netflix. Cablevision already owns Newsday.