Newsday sold for $650 million

TV buying a newspaper... interesting.

http://www.nj.com/news/index.ssf/2008/05/cablevisions_says_it_has_deal.html

Cablevision says it has deal to buy Newsday for $650M
by The Associated Press
Monday May 12, 2008, 8:41 AM

Cablevision Systems said today it agreed to acquire Long Island newspaper Newsday from Tribune for $650 million.

Cablevision beat out media mogul Rupert Murdoch, CEO of News Corp., who withdrew his $580 million bid on Saturday. New York Daily News owner Mortimer Zuckerman had also bid $580 million.

The deal announced today brings Newsday back to local ownership on Long Island. Tribune had been seeking to sell Newsday lighten an $8.2 billion debt load it took on last year when it went private.

 

The most interesting part of this came when Rupert withdrew over the weekend.
The bad news is now the Dolans are in the newspaper business. Jimmy will probably try to make Isiah an editior.

 

I'd hate to be a secretary in that office.

 

The Dolans turn everything they have bought to shit- see MSG, The Wiz ( now out of biz)

 

Wonder if Newsday will have to do a review of Dolan's band.

 

Nah. Isiah will rewrite Newsday's sexual harassment policy.

 

Can't wait to see next season's Ranger/Knick coverage.

Slurp.

 

I understand why some people don't like this deal, but it's the best scenario of the three as far as fewest jobs lost.

 

I don't know if that's necessarily true. Murdoch and Zuckerman don't lay off journalists.

 

You mean Rangers and Knicks? Sorry, pet peeve.

 

I didn't say journalists. But there would have been redundancy in some business areas, and there was talk about one printing site for both papers, which would have eliminated pressmen and mailers.

 

This showed up as "Newsday sold for $65" on the main forum page. I was about to say, jeez, I could have scraped together some money to buy it.