The New York Times reported late Thursday that three tycoons, one of whom is Rupert Murdoch, are considering purchasing Long Island newspaper Newsday from the Tribune Company, according to Editor & Publisher.

The Times stated that the news came from “people involved in the sale process.”

Other than News Corp. Chairman Murdoch, possible bidders include Mortimer B. Zuckerman, owner of The Daily News, and James L. Dolan, whose family is control of Cablevision, E&P reported.

The Times described the sales process as “a soft auction in which investment bankers are approaching a selected number of buyers, involves several possible kinds of deals,” E&P quoted the Times as reporting.

Newsday is reportedly worth US$400 million, and is likely one of Tribune's most profitable papers, according to NAB Smartbrief. The paper is likely so lucrative because is serves a prosperous region near New York City.