Cablevision Close to Newsday Purchase

The Long Island cable company reportedly will spend $650 million for the daily newspaper.
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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

AP

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.,

Newsday's

current owner, the report noted.

The news comes a day after Rupert Murdoch's

News Corp.

(NWS) - Get Report

disclosed that

it was dropping out

of the competition for

Newsday

. 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.