madison-square-garden.jpgWho says the newspaper business is doomed? Circulation and advertising may be in the dumps, sure, but judging from the bidders lining up to buy Newsday there are plenty of moguls still keen on newspapers.

The latest development: The Wall Street Journal reports that Cablevision is planning to bid as much as $650 million for the Long Island daily, which likely catapults it ahead of other bidders like News Corp, which owns the New York Post, and Mortimer Zuckerman, who owns the Daily News.

Cablevision’s bid could come within two days, the report said, adding that it was unclear whether whether Cablevision is working with New York Observer owner Jared Kushner in its offer. Beyond Cablevision’s cable assets, it owns the New York Knicks, the New York Rangers, Madison Square Garden and Radio City Music Hall.

The New York Times offered a different view. It, too, said Cablevision is preparing a bid, but it reported that the owners of the New York Observer have dropped out of the race.

Cablevision? Zuckerman? New York Observer? News Corp? What’s going on here?