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New York

Zuckerman takes NY Daily News off the market

Boston Properties chair had hoped to sell struggling tabloid for as much as $200M

From left: Mort Zuckerman illustration, 4 New York Plaza and John Catsimatidis
From left: Mort Zuckerman illustration, 4 New York Plaza and John Catsimatidis

After months of trying to sell the New York Daily News, at one point receiving a comically low bid of $1, Mort Zuckerman has taken the tabloid off the market.

“I have met with several potential interested and well-intentioned suitors during this process,” the Boston Properties chair wrote in a note to Daily News employees. “For a variety of reasons, I have decided to withdraw the Daily News from the market and have instructed our financial advisors to inform the suitors.”

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Politico speculates that Zuckerman was not able to fetch his target price of $150 million to $200 million for the paper, which is losing an estimated $20 million to $30 million each year.

According to Politico, developer John Catsimatidis, who heads the Red Apple Group, was the front-runner to buy the paper. Fellow developer Steve Witkoff was also reported to be a bidder. In late March, Cablevision was reported to be preparing a bid of $1 for the paper.

Zuckerman’s decision appears to have caught Catsimatidis by surprise. Just a day earlier, a source close to the developer told Politico he believed he was still “in the mix.” [Politico] — Konrad Putzier

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John CatsimatidisMort Zuckerman