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Cablevision To Buy Newsday For $650M
Deal Brings Newsday Back To Local Ownership
POSTED: 6:26 am PDT May 12,
2008
UPDATED: 6:40 am PDT 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.
Copyright 2008 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
