When Rupert Murdoch said he isn’t investing in newspapers anymore he really meant it.
The media tycoon, major shareholder, chairman and managing director of News Corp, announced he decided to withdraw the bid to purchase Tribune Co's Newsday newspaper, a spokesperson said on Saturday according to The Wall Street Journal.

The spokesperson said the move of buying had become "uneconomical." Murdoch’s decision leaves the road wide open for Cablevision Systems Corp to acquire Newsday, a daily Pulitzer Prize winning newspaper that mainly serves Long Island and the New York City borough of Queens, although it is sold throughout the New York City metropolitan area.

Cablevision Systems Corp had already made the larges bid. The 5th largest cable provider in the USA headquartered in Bethpage, New York, offered $650 million to buy Newsday, compared to two $580 million offers previously made by News Corp and New York Daily News publisher Mortimer Zuckerman.

News Corporation reached the conclusion that matching the bid made by Cablevision wouldn’t have been the right move, especially after taking a look at Tribune's latest earnings, which will most likely decline in its newspapers, the Wall Street Journal reported.

As of fall 2007, Newsday had a circulation of 387,000, which make it the 10th-highest in the United States and the highest for a suburban newspaper.