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 Cablevision Systems Corp. clinched a deal to buy 97% of Long Island New York daily newspaper Newsday Media Group for $650 million, after Rupert Murdoch's News Corp. pulled its competing $580 million bid on Sunday.
In a statement Cablevision President and CEO James L. Dolan said:
Both Cablevision and Newsday are in the content, customer relationship and advertising business and we see this as a wonderful fit. Adding Newsday Media Group's superb assets to Cablevision's portfolio presents a multitude of opportunities: to provide consumers with additional quality content on multiple platforms; expand advertising opportunities for both entities; and attract a larger audience than either company could on its own.Bank of America Corp. has provided a firm commitment of $650 million of senior debt financing, guaranteed by CSC Holdings Inc., for the transaction. Return to TheDeal.com throughout the day for updates and analysis of the deal. - George White See story on the auction from TheDeal.com See Cablevision press release See Dealwatch on Cablevision See Dealwatch: Tribune See Dealscape posts on the newspaper industry Categories Deal Video
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