Cablevision to Acquire 97% Stake in Newsday Media Group through Partnership with Tribune Company in a $650 Million Transaction
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CHICAGO, May 12, 2008 -- Cablevision Systems Corporation and Tribune Company today announced a definitive agreement to form a new partnership through which Cablevision will acquire approximately 97% of Newsday Media Group ("Newsday"). Newsday was valued at $632 million in the transaction, and Tribune Company will also receive $18 million at closing as prepaid rent under certain leases of property used in the business, bringing the total transaction value to $650 million. The partnership will add a complementary print and online media group with diverse, quality local content to Cablevision that generates substantial operating cash flow and that creates opportunities to grow Cablevision’s advertising, subscription and content-based businesses.