Cablevision Buys Newsday from Tribune

May 11, 2008
Category: Uncategorized



Editor & Publisher
Union leader Zachary Dowdy wonders how Cablevision will treat the paper, which has seen cuts and belt-tightening in recent years. He says he might have preferred to see Rupert Murdoch acquire Newsday “because he has run and is running newspapers.”
> “In hindsight, Zell orchestrated the Newsday sale flawlessly” (Fortune)
> For Rupert-watchers, the sale is something of an enigma (Ken Doctor)

 


Newsday
The agreement calls for the creation of a joint venture in which Cablevision owns 97% of Newsday, with Tribune retaining the remaining 3%. Cablevision will pay Tribune $612 million in cash and $18 million in rent payments for Newsday properties that Tribune will continue to own. || James Madore: It’s a marriage of “old” and “new” media that some experts say could in the long run help both. || Read the press release.
> Mutter: Why Murdoch decided against buying Newsday | Related (RON)
> Wall Street is wondering what Cablevision’s owners are thinking (NYT)
> “I just hope Cablevision doesn’t buy it,” a bartender said last week (LIP)

Over the Weekend:


Newsday
It could be announced as early as Monday. “Cablevision appears to have won” with its $650 million bid, says one source. Another says it’s unclear whether New York Daily News owner Mort Zuckerman, who bid $580 million, is still interested in Newsday.



Newsday
Rupert Murdoch‘s News Corp says it’s unable to justify outbidding Cablevision’s $650 million offer from an economic perspective. “News Corp’s decision to walk away from Newsday is an unexpected twist in the three-way bidding war for the paper,” says Reuters. Mort Zuckerman submitted a $580 million bid for the Tribune-owned paper in late April.

 

Previously:

Murdoch went “a little too far” with Newsday deal remarks
5/9/2008

Sources: Cablevision’s Newsday bid is being taken seriously
5/9/2008

Cablevision CEO doesn’t want to discuss his Newsday offer
5/8/2008

Murdoch’s confident he’ll soon complete his Newsday deal
5/8/2008

Can Cablevision turn a triple play into a Newsday home run?
5/7/2008

Zell may reject Cablevision’s bid to keep peace with Murdoch
5/6/2008

Analyst questions Cablevision’s attempt to buy Newsday
5/5/2008

Source: Murdoch says he won’t raise his bid for Newsday
5/2/2008

Cablevision submits its $650 million bid for Newsday
5/2/2008

Cablevision expected to submit $650 million bid for Newsday
4/30/2008

There’s little US can do to stop Murdoch from buying Newsday
4/30/2008

Why Murdoch — not Zuckerman — will probably win Newsday
4/29/2008

Bidding war expected to push Newsday sale price to $600M+
4/29/2008

The Dog That Didn’t Bark: Newspaper Buyers
4/25/2008

Zuckerman to submit a “serious” offer for Newsday today
4/25/2008
Murdoch’s Newsday would cause the most heartburn for NYDN
4/24/2008

Will Murdoch bring Newsday back into NYC to challenge NYDN?
4/24/2008 10:45:07 AM

Zuckerman said to be reformulating his Newsday offer
4/24/2008

Murdoch tells officials he’s very close to buying Newsday
4/23/2008

Tribune close to selling Newsday to Murdoch for $580 million
4/22/2008

Zell finally acknowledges there’s great interest in Newsday
4/18/2008

Zell works to avoid capital gains taxes in Newsday deal
4/16/2008

Feds would probably green-light a Murdoch-Newsday deal
4/11/2008

Murdoch: US might try to stop me from acquiring Newsday
4/3/2008

NY Observer owner Kushner considers buying Newsday
4/2/2008

Zuckerman is aggressively preparing a bid for Newsday
3/29/2008

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