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Cablevision Close to Newsday Purchase

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

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

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News Corp.

(NWS) - Get News Corporation Class B Report

disclosed that

it was dropping out

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