NEW YORK, NY May 12, 2008 —Cablevision Systems Corporation says it is buying Newsday from Tribune Company for $650 million.

Cablevision beat out media mogul Rupert Murdoch who withdrew his own $580 million bid over the weekend.

The deal, just announced this morning, brings Newsday back to local ownership on Long Island. Tribune had been seeking to sell Newsday to lighten a more than $8 billion debt load it took on last year when it went private.