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Cablevision, Tribune Co seal deal for Newsday

Mon May 12, 2008 8:25am EDT

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NEW YORK, May 12 (Reuters) - Cablevision Systems Corp (CVC.N) sealed a $650 million deal to buy 97 percent of Newsday Media Group from Tribune Co, the companies said on Monday, after Rupert Murdoch's News Corp NWSa.N withdrew its bid.

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The deal values the Long Island newspaper Newsday at $632 million, with Tribune Co also receiving $18 million at closing as prepaid rent under certain leases of property used in the business, the companies said.

The agreement was expected after News Corp said on Saturday withdrew its $580 million bid for the daily newspaper because it could not justify outbidding Cablevision from an economic perspective.

New York Daily News owner Mortimer Zuckerman had also bid $580 million for Newsday. (Reporting by Robert MacMillan and Tiffany Wu; editing by John Wallace)

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