Cablevision Close to Newsday Purchase
May 12th, 2008 | by admin |CablevisionCVC is close to purchasing Long Island newspaper Newsday for $650 million, according to published media reports Sunday.
The Long Island cable company could announce a deal as early as Monday, according to an AP report, which cited an anonymous source with knowledge of the situation.
The transaction would give Cablevision its first newspaper and provided much-needed cash to Tribune Co., Newsday’s current owner, the report noted.
The news comes a day after Rupert Murdoch’s News Corp.NWS disclosed that it was dropping out of the competition for Newsday. News Corp. reportedly had offered about $580 million for the newspaper.
Cablevision shares finished Friday’s session up 21 cents at $24.97. News Corp. stock lost 33 cents to close at $19.35.
