Murdoch Closing In on Newsday Deal
Media mogul about to grab third New York paper
By Rob Quinn,  Newser Staff
Posted Apr 22, 2008 10:27 AM CDT
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)
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(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.