Cablevision buys Newsday for $650M

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

News 12 Staff

May 13, 2008, 12:50 AM

Updated 5,917 days ago

Share:

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.


More from News 12
1:58
Police: Fire erupts at Elmont home, spreads to neighbor’s garage

Police: Fire erupts at Elmont home, spreads to neighbor’s garage

1:45
Mostly cloudy, muggy conditions with a possible stray shower on Long Island

Mostly cloudy, muggy conditions with a possible stray shower on Long Island

0:28
Prosecutors: Former Nassau County Fire Service Academy employee accused of defrauding workers compensation

Prosecutors: Former Nassau County Fire Service Academy employee accused of defrauding workers compensation

2:00
Wyandanch residents demand answers nearly one year after investigation began into grade fixing allegations

Wyandanch residents demand answers nearly one year after investigation began into grade fixing allegations

2:15
Another man pleads not guilty  in a Nassau County burglary ring that started last summer

Another man pleads not guilty in a Nassau County burglary ring that started last summer

0:41
Biden delivers solemn call to defend democracy as he lays out his reasons for quitting race

Biden delivers solemn call to defend democracy as he lays out his reasons for quitting race

0:15
Officials: Car fire in Hicksville spreads to home, no injuries reported

Officials: Car fire in Hicksville spreads to home, no injuries reported

2:13
Police: Fake company 'Top Line Masonry' scammed homeowners in Floral Park

Police: Fake company 'Top Line Masonry' scammed homeowners in Floral Park

0:15
Police: Teen struck by car while riding bike in Rockville Centre

Police: Teen struck by car while riding bike in Rockville Centre

1:16
Two LI natives go for gold at Summer Olympics

Two LI natives go for gold at Summer Olympics

1:56
Nassau Democrats block vote on borrowing until grant money released

Nassau Democrats block vote on borrowing until grant money released

1:43
Bay Shore Assembly of God school's sudden closure leaves parents scrambling

Bay Shore Assembly of God school's sudden closure leaves parents scrambling

2:42
'Gonna save at least one.' Eastport father who lost daughter to cancer turns grief into helping others

'Gonna save at least one.' Eastport father who lost daughter to cancer turns grief into helping others

1:26
Riverhead BOE approves plan to bring resource officers to schools

Riverhead BOE approves plan to bring resource officers to schools

0:27
Farmingdale parent files lawsuit in connection to deadly bus crash

Farmingdale parent files lawsuit in connection to deadly bus crash

0:26
Police: Suspect wanted for robbing Stop & Shop in East Meadow

Police: Suspect wanted for robbing Stop & Shop in East Meadow

0:28
Police: Suspect arrested for burglarizing Macy’s at Green Acres Mall multiple times

Police: Suspect arrested for burglarizing Macy’s at Green Acres Mall multiple times

0:18
Volunteers plant trees at Oakdale facility for people with developmental disabilities

Volunteers plant trees at Oakdale facility for people with developmental disabilities

0:23
Police: Third teen arrested for causing $600K in damage to Shelter Island home

Police: Third teen arrested for causing $600K in damage to Shelter Island home

1:38
Optimum donates $2,500 to Henry Viscardi School following wheelchair basketball game

Optimum donates $2,500 to Henry Viscardi School following wheelchair basketball game