It is not the first time that the family that controls Cablevision Systems, whose bid to acquire Newsday could lead to a quick deal, has left shareholders and investors scratching their heads.

Cablevision appeared likely to prevail in the bidding for the newspaper after the News Corporation pulled out.

Cablevision appeared likely to prevail in the bidding for the Long Island newspaper after News Corporation pulled its $580 million bid.

Rupert Murdoch and Mortimer B. Zuckerman have not signaled they would increase their bid for Newsday to match a higher offer from Cablevision.

Cablevision is preparing a $650 million offer for Newsday, while the owners of The New York Observer have dropped out of the bidding.

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Mortimer B. Zuckerman, the owner of The Daily News, is expected to make the argument that his bid is more attractive because it can be completed faster and does not have the potential to fall into regulatory limbo.

Rupert Murdoch’s plan to add Newsday to his stable of New York media properties may run up against rules on media ownership.

Rupert Murdoch appears likely to pose the first significant challenge to the media ownership rule that the Federal Communications Commission recently adopted.