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Cablevision To Buy Newsday For $650M
Deal Brings Newsday Back To Local Ownership
POSTED: 9:26 am EDT May 12,
2008
UPDATED: 9:40 am EDT May 12,
2008
NEW YORK -- Cablevision Systems Corp. said it is buying the Long Island-based newspaper Newsday from Tribune Co. for $650 million. Cablevision beat out media 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 announced Monday brings Newsday back to local ownership on Long Island.Tribune had been seeking to sell Newsday to lighten an $8.2 billion debt load it took on last year when it went private.
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Copyright 2008 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
