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Cablevision Buying N.Y. Newsday For $650 Million

CBS 3

May 12, 2008

Cablevision 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., 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.

Copyright © 2008 CBS 3, All Rights Reserved.

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