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Cablevision to buy Newsday

May 13, 2008|From Times Wire Services

Tribune Co. announced an agreement to sell Long Island newspaper Newsday to Cablevision Systems Corp. for $650 million.

The deal would give Tribune $630 million in cash to pay down its nearly $13-billion debt. Two-thirds of that was incurred in December's $8.2-billion buyout of the company, which was orchestrated by Chicago real estate entrepreneur Sam Zell.

Tribune owns the Los Angeles Times, KTLA-TV Channel 5, the Chicago Tribune and other media properties around the country.

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