July 30, 2008
Cablevision Completes Newsday Deal
Cablevision Systems Corp. has closed its deal with Tribune Co. for 97 percent of the daily newspaper Newsday on Long Island, N.Y., the company said.
This is an important moment for us all at Newsday, said Newsday publisher Tim Knight. We are joining a company that has a tremendous understanding of the Long Island market and a history of recognizing the value of local content, he said.Knight will now report to Cablevision Chief Operating Officer Thomas Rutledge, the Chicago Tribune reported.
The $612 million deal includes Newsday, a free newspaper called amNew York, Newsday Interactive and Star Community Publishing and Island Publications.
Tribune Co. will retain 3 percent ownership of the publications, valued at $20 million, and continues to own Newsday's office building and printing plant in Melville, N.Y.
Newsday has a circulation of about 387,000, recently listed as the highest in the United States for a suburban newspaper.