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Murdoch Closing In on Newsday Deal  

Posted Apr 22, 08 10:27 AM CDT in Business    Most Covered

(newser) – Rupert Murdoch's News Corp. empire is closing in on a deal to buy Newsday from the Tribune Company for an $850 million package, reports Reuters. Under the terms of the deal, Newsday would be run as a joint venture with the New York Post, but the papers would remain separate for now. Tribune would get $550 million in cash and retain a 5% stake in Newsday.

Sources Reuters, Wall Street Journal

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Murdoch Closing In on <em>Newsday </em>Deal
The mastheads of the New York Post and Newsday are seen in this photo in New York, Friday, March 21, 2008. Media conglomerate Tribune Co. reported a $78 million fourth-quarter loss from continuing operations...   (AP Photo/Richard Drew)
Murdoch Closing In on <em>Newsday </em>Deal
Rupert Murdoch, chairman of News Corporation, speaks at the dedication ceremony for the Newseum, a museum about journalism and the First Amendment, in Washington, Friday April 11, 2008.   (AP Photo/Jacquelyn Martin)
Murdoch Closing In on <em>Newsday </em>Deal
Rupert Murdoch speaks at a news conference in New York.   (AP Photo/Mark Lennihan, File)
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Rupert Murdoch  • News Corp  • acquisitions  • Tribune Company  • Newsday  • New York Post  • newspapers  • media ownership


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