Cablevision near deal to buy Newsday: report
NEW YORK (Reuters) – Tribune Co is close to a deal to sell Newsday to Cablevision Systems Corp for $650 million, the Long Island paper reported on its website on Sunday, citing people familiar with the negotiations.
The report comes a day after Rupert Murdoch’s News Corp said it was backing out of its $580 million bid for Newsday. The paper said a deal could be announced as early as Monday.
A Tribune spokesman declined to comment. Cablevision was not immediately available for comment and the company’s outside adviser on the deal declined to comment.
It is unknown whether New York Daily News owner Mortimer Zuckerman, who also bid $580 million for Newsday, plans a last-minute higher bid. A Daily News official had no comment.
(Reporting by Robert MacMillan, Yinka Adegoke and Kenneth Li; Editing by Maureen Bavdek)
