Murdoch Moving To Buy Newsday For $580 Million.

Rupert Murdoch is moving to tighten his already-imposing grip on American news media, striking a tentative deal to buy his third New York-based paper, Newsday, and getting his first chance to appoint the top editor of The Wall Street Journal, after the resignation of the editor on Tuesday. His $580 million bid for Newsday and his urgency in remaking The Journal worry his competitors and cause angst in many newsrooms, including his own. And both moves are vintage Rupert Murdoch, a man who operates his sprawling News Corporation like an old-style media mogul, making big bets on old and new media -- bankrolling the new Fox Business Network, aggressively pursuing a deal for Yahoo, and buying Dow Jones & Company, publisher of The Journal, for far more than analysts thought it was worth. And that was just in the last year. [ABSTRACT FROM PUBLISHER]