Dolans raise Newsday stakes

While some are betting that Rupert Murdoch's News Corp. will be the next owner of Newsday, the Dolan family - owner of Madison Square Garden and Cablevision - is expected to up the ante and make a $650 million bid.

While some are betting that Rupert Murdoch's News Corp. will be the next owner of Newsday, the Dolan family – owner of Madison Square Garden and Cablevision – is expected to up the ante and make a $650 million bid.

In other News Corp. happenings, a special committee ruled that the media company violated conditions set during the sale of Dow Jones & Co. when it pushed for the resignation of the Wall Street Journal's former managing editor, Marcus Brauchli. Slate's Jack Shafer says the committee, which he calls “powerless,” should be abolished.

Also in the media glare:

BusinessWeek publisher McGraw-Hill's first-quarter profit drops 44%.

Anderson Cooper's predecessor, Aaron Brown, says Larry King should stay at CNN as long as he wants to.

Ziff Davis Media names a new president.

The Atlanta Journal-Constitution announces it will cut distribution and 62 jobs.

Regime change at TV Guide.

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