Cablevision ups the ante for Newsday by $70M *

The bidding war is on. Cablevision placed a $650 million bid for the Long Island-based Tribune paper and its subsidiaries. Murdoch and Zuckerman now have the opportunity to reaccess their own offers. Though reports say Zell favors Murdoch, timing and terms are important to any deal.

Cablevision's bid would just about cover a payment due Dec. 4.

Guess who's advising Cablevision on the deal: Former Tribune Co. Chairman and Chief Executive Dennis FitzSimons, with current Tribune management's blessing.

* Is Murdoch out? According to a "person familiar with the matter", Murdoch won't raise his offer. AP