Finance
Cablevision Wins The Race For Newsday With US$650mn Deal
May 2008 | In The NewsThe cable TV giant Cablevision Systems on May 11 won the battle to buy Tribune's Newsday Media Group clinching a US$650mn deal for the Long Island tabloid. Under the terms of the deal a partnership will be created to run Newsday, of which Cablevision will have approximately 97% of equity, while Tribune will hold the remaining 3%. To form the new partnership, Tribune will hand over Newsday's assets in exchange for newly issued parent company bonds, which will have a market value of US$650mn, from Cablevision. Of this amount, Tribune will receive US$612mn in cash, a US$20mn equity stake
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