NEW YORK — At a time when newspapers' fortunes are tanking, Rupert Murdoch's News Corp. is stocking up on them. The media giant, which last year bought Dow Jones & Co., parent of The Wall Street Journal, is negotiating with Tribune Co. about adding Long Island-based Newsday to Murdoch's fold, according to a person familiar with the situation.

NEW YORK — At a time when newspapers' fortunes are tanking, Rupert Murdoch's News Corp. is stocking up on them. The media giant, which last year bought Dow Jones & Co., parent of The Wall Street Journal, is negotiating with Tribune Co. about adding Long Island-based Newsday to Murdoch's fold, according to a person familiar with the situation.

The talks reflect Murdoch's long-standing strategic interest in Newsday as well as Tribune's apparent willingness to sell major assets to pare down debt incurred in the $8.2 billion buyout that took the company private in December. Chicago-based Tribune also owns the Los Angeles Times, the Chicago Tribune and other newspapers, TV stations and media assets.

Representatives for the two companies declined to comment on the talks, first reported by Crain's New York Business.