John Catsimatidis, Billionaire Owner Of Gristedes Grocery Chain, Places Bid For The Daily News

John A. Catsimatidis, the billionaire owner of Gristedes, the upscale New York City-based supermarket chain, is among the current bidders to buy The Daily News, reports The New York Times.

The current competing bidder is James L. Dolan, the owner of Cablevision and executive chairman of Madison Square Garden, but Catsimatidis reportedly submitted the higher bid.

That would make sense, considering that Dolan's initial bid was $1, according to The New York Post.

The paper's current owner, Mortimer B. Zuckerman, hopes to sell for somewhere between $150 million and $200 million.

Both men have been "widely considered" the most likely buyers of the paper ever since Zuckerman announced last month that he was considering the sale.

The winner will need to address the paper's dwindling circulation and revenue losses, which are in the millions. Further details of the potential deal have not been released.