May 11, 2008
Cablevision Looks Close to Newsday Deal
Newsday reports that Cablevision is near a deal with Tribune to buy...Newsday! The Bethpage-based company had bid $650 million, $70 million more than bids from both News Corp. and the Daily News owner Mortimer Zuckerman.
It was widely believed that News Corp. would be able to close the deal. Tirbune and News Corp. seemed to an informal deal, and even after Cablevision's much higher bid, News Corp owner Rupert Murdoch told investors and analysts he was confident, “Just be patient for a couple of days.” And according to the president of the union representing many Newsday employees, the Post's union officials were reassured on Friday that News Corp. would prevail in the deal.
It's unclear whether Zuckerman will raise his bid for Newsday--many believe he matched Murdoch's bid in order to stay competitive.
Cablevision's ownership of Newsday could make sense, given the cable company's 3.1 million subscribers, though it does not own a newspaper and wouldn't achieve any printing efficiencies, the way News Corp. was hoping to with the Post. Cablevision recently announced its first quarter earnings (PDF): A 10% increased in net revenue, and a 44% increase in net operating income.
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More money for the Dolans ... wonderful. Not that I read Newsday. I have no reason to get it, as I don't have any puppies to train.
Thanks for the heads up, I'll be canceling my subscription tomorrow.
I don't know who reads Newsday - Old people? no, they read the Times, Republican homos read the post and mediocre middle guys read the daily news. who reads newsday?
"Cablevision recently announced its first quarter earnings (PDF): A 10% increased in net revenue," gee, they really passed that increased net revenue to its subscribers. Nice to know in an age where Sirius can't merge with XM due to monopoly concerns yet Exxon and Mobil were allowed to merge, companies are still looking out for the average consumer...
if it ever had any redeeming qualities, consider them shit now; jimmy crackhead dolan has el toco maron (sp?).
Awesome, more media conglomeration! We are marching proudly towards have all of our media creation and distribution held in the hands of a few rich old white republican men. So much for "democracy."
Great more basis media ahead.
Media companies should be independently own.
SUCKERS!