Cablevision buys Newsday from Tribune for $650 million

[OhioChick]

Source: AP

32 minutes ago

NEW YORK (AP) — Cablevision Systems Corp. says 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 lighten an $8.2 billion debt load it took on last year when it went private.


Read more: http://ap.google.com/article/ALeqM5hLHgFfoOf6fs4hH_qeUbHj6RblAwD90K3BA82

[Cooley Hurd]

1. Good to hear! Every time Murdoch loses...

...we win!:thumbsup:

[annabanana]

2. Cablevision (Optimum) pretty much owns LI now..

And I'm still glad they got it instead of Murdoch.

[BrklynLib at work]

3. Glad Murdoch lost..but it is still media consolidation...

[Alexander]

4. Wasn't Cablevision run by Ned Lamont at one point?