Murdoch withdraws bid, Cablevision buys Newsday
By Leah McBride Mensching, Monday 12 May 2008 at 23:29 :: Media Ownership :: #1650 :: rss
U.S. cable television group Cablevision announced it is buying New York-based Newsday for US$650 million, beating out Rupert Murdoch's bid of $580 million, BBC News reported Monday.
Mort Zuckerman, owner of the New York Daily News, also bid $580.
Newsday is currently owned by the Tribune Company, which is selling the newspaper to relieve some of its $8.2 billion debt, which it took on last year when new owner Sam Zell took the company private, BBC News reported. Tribune Co. also owns flagship newspaper the Chicago Tribune and the Los Angeles Times.
Cablevision will acquire 97 percent of Newsday Media Group, valued at $632 million, according to the terms of agreement, BBC News reported.
Newsday has a daily circulation of about 380,000, and is the eighth-largest newspaper in the United States.
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