Zuckerman takes NY Daily News off the market

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

New York /
Aug.August 20, 2015 12:50 PM

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.”

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


Related Articles

arrow_forward_ios
John Catsimatidis (Getty, iStock; Illustration by Kevin Rebong for The Real Deal)
Catsimatidis won’t switch parties to run for mayor
Catsimatidis won’t switch parties to run for mayor
Will Catsimatidis switch parties? (Getty)
Republican or Democrat? Catsimatidis picks his poison
Republican or Democrat? Catsimatidis picks his poison
John Catsimatidis (Getty)
John Catsimatidis wants to add three more rental towers in Coney Island
John Catsimatidis wants to add three more rental towers in Coney Island
Coffee Talk with John Catsimatidis
Catsimatidis: NYPD should have sent rioters to Rikers
Catsimatidis: NYPD should have sent rioters to Rikers
Billionaire grocer and developer John Catsimatidis is exploring a bid for the 2021 mayoral race. (Getty, iStock)
Maybe this time? Catsimatidis ponders another run for mayor
Maybe this time? Catsimatidis ponders another run for mayor
Real estate professionals say they are not shaking hands amid the coronavirus outbreak. (Credit: iStock)
Has coronavirus killed real estate’s “handshake deal?”
Has coronavirus killed real estate’s “handshake deal?”
John Catsimatidis
John Catsimatidis on why he should be mayor
John Catsimatidis on why he should be mayor
John Catsimatidis during his 2013 mayoral run (Credit: Getty Images)  
Déjà vu: Catsimatidis thinking about running for mayor again
Déjà vu: Catsimatidis thinking about running for mayor again
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...