Bethpage, N.Y—Cablevision Systems Corp. announced Monday it has agreed to acquire a 97% stake in Tribune Co.’s Newsday for $632 million in a partnership with Tribune.
The deal includes an $18 million payment at closing as prepaid rent, bringing the total value to $650 million.
Cablevision President-CEO James L. Dolan said in a statement, “Both Cablevision and Newsday are in the content, customer relationship and advertising business, and we see this as a wonderful fit.”
Rival bidder News Corp. on Saturday dropped its $580 million bid for Newsday, saying the deal was no longer economical, according to reports. The news came days after News Corp. Chairman-CEO Rupert Murdoch said a deal was imminent.