The Dolan family plans a one buck bid for The News.


He's in charge of the Knicks, Rangers, Liberty, Cablevision and Newsday.

And now Jim Dolan and his family want to buy the money-losing New York Daily News -- for a measly $1.

Yes. A buck. That's not a typo.

Cablevision Systems Corp. is planning to make the offer for the paper soon -- possibly this week, Reuters news service reported exclusively.


Dolan, president and CEO of Cablevision Systems and executive chairman of The Madison Square Garden Company, thinks that's all its worth, a source told Reuters.

Billionaire media and real estate mogul Mortimer Zuckerman publicly announced the paper was in play and said he had hired Lazard Ltd. to help him possibly offload New York's Hometown paper.

Capital New York's Joe Pompeo has written this of the Dolan scenario: "If the Dolans got it for a good price, they have an audience from Montauk to the Hudson that might work," said one source. "But how much advertising is there?

Readership has plunged precipitously in the past decade, Pompeo reported: "Average circulation for the six months ending Sept. 30, 2014, was 361,941 on Sundays and 281,907 on weekdays, down from 786,952 and 715,052 during the same period ten years earlier."

Reuters, in its exclusive report wrote says Dolan thinks a buck is good enough considering reported losses of $30 million a year, and $150 million construction of a color printing press in a Jersey City industrial park.

The editor of The News is Colin Myler, who was editor of Britain's legendary News of the World when it was shuttered over allegations its reporters had hacked into private communications. Myler also is a former big at Rupert Murdoch's New York Post.

Cablevision declined to comment for Reuters and so far Zuckerman has remained mum.'

Reuters wrote:

To be sure, newspapers are not the only part of the media industry which is struggling. 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.

Cablevision also owns the suburban newspaper Newsday. The company, which is controlled by New York's Dolan family, said last month its number of video customers fell 4.7 percent to 2.68 million in the fourth quarter ended Dec. 31.

It's unclear what the deal would mean for Daily News America, the papers now more succesful website.

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