Cablevision Buys Newsday For $650M

Cablevision (NYSE:CVC) 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. (NYSE:NWS) , 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.

Comments

[trollsbwild]

Rupert lost. This is good. Now we can only hope Murdoch starts hemorrhaging red ink from the WSJ.

[MJD615]

Wish Cablevison would buy Verizon next. maybe then the Verizon stock would go up past $40.00!!!

[Sundialsvc4]

Sweet deal!

(How'd they get underwater to the tune of $8.2 billion, anyway?! Good riddance!)

[Mike169]

I just hope the Dolans do better with Newsday than they have with the Knicks.

[Jess27]

As a LIer, I am so relieved that Newsday did not go to Rupert. I would have never bought that paper again if it did. Not really a big fan of cablevision, but it is a better than News Corp, and at least they are local.

[bikerdude]

Good. Newsday Long Island had been an award winning newspaper. The Tribune Co did nothing positive for them. Hopefully, with local ownership they will once again be the premiere tabloid in the country.

[wmfor]

Anyone but Murdoch! He would have ruined my local paper. That last thng in need on Sunday morning is tor read Fox Newsday.