Posted AT 10:31 AM EDT on 12/05/08
Cablevision snaps up Newsday for $650-million
NEW YORK — Cablevision Systems Corp. is buying the Long Island-based newspaper Newsday from Tribune Co. in a deal valued at $650-million (U.S.), 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.
The deal brings Newsday back to local ownership on Long Island.
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