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 WhiteSee story on the auction from TheDeal.comSee Cablevision press releaseSee Dealwatch on CablevisionSee Dealwatch: TribuneSee Dealscape posts on the newspaper industry