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MUMBAI:
Cablevision has acquired the New York based daily Newsday
from the Tribune Company in a $650 million deal.
Cablevision
will pay $612m for a 97 per cent stake in Newsday, along with
an additional $18 million in prepaid rent for some facilities.
Tribune will keep a 3 per cent stake worth $20 million.
This
buy out has trumped the 580-million-dollar rival bids by News
Corp. chief Rupert Murdoch, and Mortimer Zuckerman, owner
of the Daily News and US News & World Report.
Charles
Dolan, Cablevision's founder and chairman, was a latecomer
to the bidding battle.
Newsday
was put up for sale after a takeover of its parent company,
Chicago-based Tribune, a year ago.
The
$8.2 billion buyout of Tribune left the group with debt of
more than $13 billion.
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