The deal would be a “joint venture” and News Corp would be paying $580 million to acquire Newsday.
Reuters is reporting that the Tribune Co has reached an agreement in principle to sell the Long Island newspaper and that both companies are “very close” to a deal.
The joint venture would allow Newsday and News Corp’s money-losing New York Post, to combine back office operations, reducing about $50 million in annual losses for the Post. The deal would allow Tribune to keep a small stake in the company.
