Cablevision (CVC) is close to purchasing Long Island newspaper Newsday for $650 million, according to published media reports Sunday.
The Long Island cable company could announce a deal as early as Monday, according to an
report, which cited an anonymous source with knowledge of the situation.
The transaction would give Cablevision its first newspaper and provided much-needed cash to Tribune Co.,
current owner, the report noted.
The news comes a day after Rupert Murdoch's
of the competition for
. News Corp. reportedly had offered about $580 million for the newspaper.
Cablevision shares finished Friday's session up 21 cents at $24.97. News Corp. stock lost 33 cents to close at $19.35.
This article was written by a staff member of TheStreet.com.