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Newsday Stays Local, sold to Cablevision for $650 Million
Monday, May 12, 2008

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Long Island-based newspaper Newsday has officially been purchased by Cablevision Systems Corp. for $650 million. Current owner Tribune Co. reported that the cable TV provider beat out mogul Rupert Murdoch, CEO of News Corp., who withdrew his own $580 million bid on Saturday. New York Daily News owner Mortimer Zuckerman had also bid $580 million.

The deal brings Newsday back to local ownership on Long Island. Tribune under Sam Zell had been seeking to sell Newsday lighten an $8.2 billion debt load it took on last year when it went private.

Cablevision also owns Madison Square Garden, the NBA's New York Knicks, the NHL's New York Rangers, and a group of cable TV networks.

Read the full story in The New York Times.
If you have any breaking news please contact Amy Novak at anovak@accessintel.com


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