Cablevision Buys Long Island's Newsday

Updated from 2:24 p.m. EDT

Newsday is out of reach for Rupert Murdoch.

Tribune said Monday it will sell the Long Island-based tabloid for $650 million to Cablevision (CVC Quote), the cable TV conglomerate based in the same New York suburb. Cablevision, controlled by the Dolan family, boasts 3.1 million subscribers in the metro area as well as ownership of Madison Square Garden, the NBA's New York Knicks, the NHL's New York Rangers.

Cablevision won a bidding war for Newsday against Murdoch's global media empire, News Corp. (NWS Quote), which owns the New York Post, and Mort Zuckerman, owner of the New York Daily News. ...