MEDIA & ENTERTAINMENT
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Suitors Lining Up for Daily News: Two parties interested in bidding for the New York tabloid told a bankruptcy judge that they both expect to win the unions’ and the creditors’ support for their offers by Thursday. Mortimer Zuckerman, publisher of U.S. News and World Report, and a group of New York investors, who would buy the paper with the unions, told federal bankruptcy judge Tina Brozman that they are close to receiving support for their offers. Conrad Black, a Canadian publisher, looked as though he was the lead contender until last Thursday, when his company, Hollinger Inc., decided to pull out of the negotiations. The Daily News’ management backed Hollinger’s offer of $22 million in cash and as much as $8 million in liabilities. The New York investment group is willing to invest $25 million in an employee buyout plan.
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