Cablevision Will Make a One Dollar Offer to Buy New York Daily News

The News Building, New York, NY | The Daily News Building, also known as The News Building, is a 476-foot (145 m) Art-Deco skyscraper located at 220 East 42nd Street between Second and Third Avenues in the Turtle Bay neighborhood of Midtown Manhattan, New York City. Built in 1929-1930, it was headquarters for the New York Daily News newspaper until 1995. Its design by architects Raymond Hood and John Mead Howells, among the first skyscrapers to be built without an ornamental crown, can be seen as a precursor to Hood's design of Rockefeller Center. A 1957-60 addition to the building which expanded the lobby on the southwest corner of Second Avenue was designed by Harrison & Abramovitz, echoing the vertical stripes of the original design, except with a wider stripe. The building, including the newspaper's new printing presses, cost $10,700,000 – about $135 million in 2010 dollars.

The lobby of the building includes a black glass domed ceiling, under which is the world's largest indoor globe, which is kept up to date. This was conceived by the Daily News as a permanent educational science exhibit.

The Daily News Building was designated a New York City Landmark in 1981 and its interior in 1998. It became a National Historic Landmark in 1989 and is now owned by SL Green Realty Corp.
The News Building, New York, NY | The Daily News Building, also known as The News Building, is a 476-foot (145 m) Art-Deco skyscraper located at 220 East 42nd Street between Second and Third Avenues in the Turtle Bay neighborhood of Midtown Manhattan, New York City. Built in 1929-1930, it was headquarters for the New York Daily News newspaper until 1995. Its design by architects Raymond Hood and John Mead Howells, among the first skyscrapers to be built without an ornamental crown, can be seen as a precursor to Hood's design of Rockefeller Center. A 1957-60 addition to the building which expanded the lobby on the southwest corner of Second Avenue was designed by Harrison & Abramovitz, echoing the vertical stripes of the original design, except with a wider stripe. The building, including the newspaper's new printing presses, cost $10,700,000 – about $135 million in 2010 dollars. The lobby of the building includes a black glass domed ceiling, under which is the world's largest indoor globe, which is kept up to date. This was conceived by the Daily News as a permanent educational science exhibit. The Daily News Building was designated a New York City Landmark in 1981 and its interior in 1998. It became a National Historic Landmark in 1989 and is now owned by SL Green Realty Corp.
Photo: Robby Virus

From Reuters:

U.S. cable T.V. operator Cablevision Systems Corp is planning to make an offer for the New York Daily News as early as this week, valuing the troubled tabloid at just $1, according to a person familiar with the matter.

The offer would come one month after New York media and real estate magnate Mortimer Zuckerman said he was considering selling the newspaper and had hired Lazard Ltd to assist with the process. It underscores the declining readership and plunging advertising revenue that have plagued the tabloid for years.

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.

Something wrong with this post? Let us know!

Brought To You By…