Cablevision to Acquire Newsday

WNYC News | Jul 12, 2010

New York, NY —

Cablevision Systems Corporation says it is buying Newsday from Tribune Company for $650 million.

Cablevision beat out media mogul Rupert Murdoch who withdrew his own $580 million bid over the weekend.

The deal, just announced this morning, brings Newsday back to local ownership on Long Island. Tribune had been seeking to sell Newsday to lighten a more than $8 billion debt load it took on last year when it went private.

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