News
Cablevision Buys Newsday from Tribune
by Ilya Marritz
NEW YORK, NY May 12, 2008 —The nation's eleventh-largest newspaper, Long Island-based Newsday, will soon change hands.
WNYC's Ilya Marritz reports.
The winning bid for Newsday came from Cablevision, which is based in Bethpage.
The cable provider beat out bids from the owners of the Daily News and the New York Post.
The current owner, Tribune Company, will keep a three percent stake in Newsday, and the deal, worth $650 million, will be structured as a joint venture.
Cablevision is a major local business with revenue of six and a half billion dollars last year. It owns Madison Square Garden, the New York Knicks, and the Optimum Online phone system.
Cablevision is also a generous donor to local elected officials. The State Board of elections reports it contributed twenty five thousand dollars to local campaigns, including the coffers of city Comptroller Bill Thompson and state Senate Majority Leader Joe Bruno.
For WNYC, I'm Ilya Marritz.
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