Cablevision, owned by James Dolan, is prepared to make its offer for The New York Daily News. According to Reuters, it will be one dollar. That’s right, Dolan thinks the Daily News is worth less than a Snickers.
We’re not saying Dolan is wrong, especially considering the massive annual losses the tabloid incurs and the giant cost of maintaining a daily print product:
Cablevision’s $1 bid takes into account the New York Daily News’ reported $30 million annual loss and $150 million investment in a printing press, and declining circulation that relies heavily on newsstand sales rather than on subscriptions, the source said.
However, even though we recognize that the business of print is tough, it’s sad to hear that someone thinks the Daily News is worth so little.
Thankfully for Daily News’ owner Mort Zuckerman, Cablevision isn’t the only bidder. Others interested in the paper include John Catsimatidis, owner of Gristedes, and media entrepreneur Jimmy Finkelstein. Hopefully they offer more than some pocket change and lint.