NEW YORK: Cablevision Systems has confirmed it has inked a $650 (€418.8m; £333m) million deal with US newspaper publisher Tribune Company for the latter's Long-Island-based Newsday title.
The cable television provider, controlled by the Dolan family, trumped $580m bids from Rupert Murdoch's News Corporation and from publisher and real estate billionaire Mort Zuckerman to seal the acquisition of the newspaper.
The Dolans are confident Newsday and its complementary print and online businesses will create "opportunities to grow Cablevision's advertising, subscription and content-based businesses".
Some shareholders remain to be convinced that investing in the sagging newspaper industry is a wise move.
Data sourced from reuters.com; additional content by WARC staff