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, âBoth Cablevision and Newsday are in the content, customer relationship and advertising business, and we see this as a wonderful fit.â
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.
âCarol Krol