News Corp yanks bid for Newsday

Rupert Murdoch's News Corp is withdrawing its bid for Tribune Co.'s Newsday newspaper, a News Corp spokeswoman said.

Officials at Tribune, News Corp and The New York Daily News, whose owner Mortimer Zuckerman has submitted a bid of his own for the Long Island daily paper, were not immediately available for comment.

The decision to revoke the offer came just days after Murdoch confidently predicted he would clinch a deal to buy the newspaper within a week.

News Corp had offered about $US580 million ($NZ760.95 million) for the paper, one of the country's biggest, but it was competing against rival bids from Cablevision Systems Corp and New York Daily News owner Mortimer Zuckerman. Cablevision had reportedly made an offer of $650 million for the paper, now owned by the Tribune Co.

- Reuters