Cablevision Systems Corp. has agreed to buy Newsday from Tribune Co. for $650 million, the companies announced Monday.

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.Cablevision said owning Newsday will allow the company to better market the newspaper to the households on Long Island that don't yet subscribe to it, while tapping Newsday's expertise in ad sales to help Cablevision's own cable TV advertising business.?We think we can do great things with Newsday,? Cablevision CEO James Dolan told News 12 Long Island. ?We think we can do great things to help that paper grow, and Long Island will have a strong newspaper for a long time because of our ownership.?

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.Tribune will retain a 3 percent stake in a joint venture to be formed containing Newsday as well as several related assets, including Newsday.com, some regional magazines and the free daily newspaper in New York City amNewYork. Cablevision will hold theremaining 97 percent.Critics of the deal are concerned it will lead to fewer viewpoints being represented in Long Island news coverage since Newsday and News 12 will be under the same corporate umbrella.

Cablevision is the parent company of News 12 Long Island.