Cablevision Systems Corp. announced Tuesday that it has completed the acquisition of Newsday, one of the nation?s largest daily newspapers, in a $650 million deal that creates a dominant regional print and online media operation.

With the deal's finalization, the two companies will begin to explore ways to grow their advertising-based and subscription-based businesses, Cablevision said in a press release.

Cablevision is the parent of News 12 Long Island.

Newsday Publisher Tim Knight will continue to oversee Newsday and will report to Cablevision Chief Operating Officer Thomas Rutledge.

Said Rutledge: "We deeply appreciate Newsday's journalistic excellence, editorial voice and advertising value. Adding Newsday to the Cablevision family will combine powerful newsgathering capabilities with industry-leading electronic distribution. We believe this presents great opportunities for us to build our subscription-based businesses. This marriage of content and technology will also strengthen Newsday's role as the connecting point between readers and the events, businesses and neighbors around them. I am confident in the many talented employees at Newsday and look forward to the opportunities that lie ahead."

Knight called the deal ?an important moment for us all at Newsday. We are joining a company that has a tremendous understanding of the Long Island market and a history of recognizing the value of local content. We strongly believe that Cablevision will help us further distinguish Newsday and create even greater value for our readers and advertisers."

Under the deal, Cablevision acquired 97 percent of Newsday Media Group from the Tribune Co., which had slashed staff at the paper to cut costs.

?They?re handing out Cablevision canvas beach bags and beach towels,? said a reporter, who asked not to be named. ?When Sam Zell took over we never got anything,? referring to the Tribune CEO.

Cablevision is expected to begin using its cable systems across the New York area to run Newsday advertisements that highlight the strength of the paper's news, content and advertising.

Cablevisionbuys Newsday for $650M

News release on acquisition