Cablevision Systems Corp. will write down the value of the Long Island-based Newsday neewspaper it bought last year from Tribune Co. by US$375 million to $450 million, according to a filing with the U.S. Securities and Exchange Commission, The Associated Press reported Monday.

Cablevision paid $650 million for Newsday Media Group in July. The writedown "reflect(s) the continuing deterioration of values in the newspaper industry and the greater-than-anticipated economic downturn," the company said.

The writedown charges will show up in Cablevision's 2008 earnings report. Earnings from 2008's fourth quarter are set to be reported Feb. 26. The charges will not "result in any material future cash outlays," the AP reported in an article posted by Forbes.

"Wall Street panned this (Cablevision/Newsday) deal from the day it was announced," said Craig Moffett, analyst at Sanford Bernstein, according to Reuters. "It's no surprise to anyone that these papers are worth a lot less than they paid."