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November 22, 2008 3:46:16 CST

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Cablevision Buys Newsday

Posted May 12, 08 8:07 CDT in Business 

(Newser) – Cablevision will pay Tribune Co. $650 million for Newsday, the companies said this morning. The cable operator's bid for the Long Island daily and its free offshoot amNew York topped $580 million offers from New York Daily News owner Mortimer Zuckerman and News Corp., reports the Wall Street Journal.

Real estate magnate Sam Zell bought Tribune Co. in December for $8.2 billion and faces $650 million in debt repayment this year. The sale, which returns Newsday to local ownership, helps alleviate that burden but has drawn analysts' criticism. Speaking about the family that owns Cablevision, an analyst told the New York Times, "It’s always a fun parlor game to figure out the Dolan family’s motivations."

Sources: Wall Street Journal, Newsday, New York Times

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Mort Zuckerman, the owner of the New York Daily News, offered $580 million to acquire Newsday from Tribune Co.   (AP Photo/Richard Drew, File)
The mastheads of the New York Post and Newsday are seen in this photo in New York, Friday, March 21, 2008.   (AP Photo/Richard Drew)
Flags fly in front of Newsday's headquarters in Melville, N.Y.   (AP Photo/Ed Betz)
News Corp. Chairman and CEO Rupert Murdoch has withdrawn a bid to purchase the Long Island paper Newsday.   (AP Photo/Evan Agostini, File)
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Rupert Murdoch • newspaper • Newsday • Cablevision • Mortimer Zuckerman


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