New York-based Cablevision announced today (Monday) that it has acquired the Long
Island newspaper Newsday and related properties for $650 million. The announcement
came just two days after Rupert Murdoch's News Corp pulled out of the bidding, sayin
g that the price was unrealistic. While analysts had expected shareholders to react
negatively to Cablevision's expensive acquisition, shares in the company appeared
to be unaffected by the deal. Cablevision CEO James Dolan said that he saw numerous
synergies. "Both Cablevision and Newsday are in the content, customer relationship and
advertising business, and we see this as a wonderful fit," he said in a statement.
The announcement of the Newsday acquisition comes just one week after the
company said that it had agreed to buy the Sundance Channel for $496 million.
12/05/2008
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