Media News - Wednesday, May 14, 2008
Newsday sold to Cablevision
US cable TV company Cablevision has acquired New York tabloid Newsday in a deal valuing the newspaper operation at USD 632m (EUR 407m). The cable operator, which secured the deal with Newsday's parent company Tribune, will also take ownership of amNY, a free paper distributed in New York City. Cablevision will pay USD 612m for a 97 percent stake in Newsday, plus an additional USD 18m in prepaid rent for some facilities. Tribune will keep a 3 percent stake worth USD 20m. The cable company trumped media barons Rupert Murdoch and Mortimer Zuckerman to take control of the Long Island daily, which has a circulation of 387,000. Newsday was put up for sale after a takeover of its parent company, Chicago-based Tribune, by the property magnate Sam Zell a year ago. Zell's USD 8.2bn buyout of Tribune left the group with debt of more than USD13bn, some of which can now be paid down thanks to the Newsday deal. Tribune is the second largest US newspaper publisher after Gannett and also owns the Los Angeles Times and Chicago Tribune. (The Guardian)
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