Cablevision buys Newsday

From: Telegraph - Herald (Dubuque) | Date: May 13, 2008| Author: The Associated Press | Copyright information

NEW YORK (AP) - Cablevision Systems Corp. is buying the Long Island-based newspaper Newsday from Tribune Co. in a deal valued at $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 also had bid $580 million.The deal brings Newsday back to local ownership on Long Island. Tribune had been seeking to sell Newsday to lighten an $8.2 billion d...

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