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Crude oil prices rise slightly
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Cablevision Systems to purchase Newsday
Published: May 12, 2008 at 8:54 AM
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NEW YORK, May 12 (UPI) -- Cablevision Systems Corp. (NYSE:CVC) has outbid Rupert Murdoch's News Corp. for control of Long Island, N.Y., newspaper Newsday, Tribune Co. said.
In a prepared statement, Tribune Chairman and Chief Executive Officer Sam Zell said he expected Cablevision would "flourish as a result of the new partnership," the Chicago Tribune reported Monday.
Tribune Co. will get $612 million and retain 3 percent of the company. Cablevision will also pay $18 million in rent on Tribune Co. property, including Newsday's headquarters and printing plant, the Tribune reported.
Tribune Co. will continue to own these properties, the report said.
News Corp. withdrew an offer of $580 million on Saturday, the day before the Cablevision deal was announced.
© 2008 United Press International, Inc. All Rights Reserved.
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