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Cablevision Expected to Make $1 Offer to Buy New York Daily News

Owner and publisher Mort Zuckerman announced he was thinking of selling the New York paper a month ago

Cablevision is expected to make a $1 offer to buy the troubled New York Daily News, according to Reuters.

The offer comes after the Daily News’ owner Mort Zuckerman revealed he was considering selling the paper and had hired banker Lazard to help find takers.

The paper has had shrinking advertising revenue for years; the low offer comes amid the Daily News reportedly losing $30 million annually and having declining circulation that hinges on newsstand sales instead of subscription sales.

Cablevision, owned by James Dolan, has also lost some important viewership, down 4.7 percent in video customers for the fourth quarter of 2014.

If Cablevision launched a successful bid for The New York Daily News, they’d own two newspapers: the cable company owns Long Island daily “Newsday.”

Cablevision did not immediately respond to TheWrap’s request for comment.

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