Rupert Murdoch getting outbid for something? Who saw that coming?
Not for the first time, and probably not for the last, Wall Street is wondering just what the Dolans are thinking.
The Dolans control Cablevision and its cable TV systems in many New York suburbs, along with a host of New York sports properties like Madison Square Garden, the Knicks basketball team and the Rangers hockey team.
Like many actions taken by the Dolans, a collective head scratch has greeted their recent bid to pay the Tribune Co. $650 million for Newsday, the big daily newspaper based in the New York suburbs on Long Island.
That offer, once considered a long shot, was thrust to the front of the line over the weekend when the News Corp., controlled by Rupert Murdoch, pulled its bid, saying it would not raise its offer to compete with Cablevision.