Newspapers all over the U.S. may be losing advertising revenue, subscribers, and reporters in droves, but big bad media mogul Rupert Murdoch is on a buying spree.

Since completing his takeover of the Wall Street Journal last December, Murdoch now holds two major newspapers (the other being the New York Post) and two TV stations in the huge New York media market — not to mention book publisher HarperCollins, and the Fox News and Fox Business channels, which too are based in Manhattan.

Next, Murdoch seems poised to add Newsday, even though there is substantial political opposition to relaxing federal rules limiting the right of any party to attain undue influence by combining newspapers and TV stations in any one market, let alone the biggest in the land.

But Murdoch has never been one to dodge controversy. And a steady string of reports by industry insiders claim he has the inside track over New York Daily News owner Mort Zuckerman’s competitive bid for Newsday. (Both deals are valued at $580 million.)

In addition, there are rumors that a third suitor for the Long Island daily, Cablevision Systems Corp., may be readying its bid. This observer doubts either of the others can stop Murdoch. In typical fashion, he’s employing former U.S. Sen. Alfonse D’Amato as a lobbyist in order to curry influence with the usual suspects.

You got to hand it to Rupert. If he feels like challenging some rule or regulation, he does it in the most blatant way on the biggest stage available. Whether anyone inside government or media has the chutzpah to try to stand in his way remains to be seen.

But don’t hold your breath.