In a deal announced today, Newsday will become a Cablevision property. The final price tag: $650 million – $70 million more than what News Corp and The Daily News had bid for the Tribune-owned paper. Cablevision would hold 97% and Tribune would keep 3% of the equity.
According to the L.A. Times, the deal gives Tribune $630 million in cash to pay down almost $13-billion of debt. A big chunk of that – $8.2-billion was incurred in the December buyout of the company.
The deal is expected to close in the third quarter.
