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Hold the Presses: Rupert Outbid!

Posted on May 11, 2008

Cablevision Close to Newsday DealBy MATTHEW KARNITSCHNIG and SHIRA OVIDEMay 11, 2008 5:55 p.m.Tribune Co. is close to a deal to sell its Long Island newspaper Newsday to Cablevision Systems Corp. for $650 million, according to a person familiar with the situation.If successful, the bid from the Long Island cable operator will have beat out matching $580 million offers from News Corp., which owns the New York Post and The Wall Street Journal, and New York Daily News owner Mortimer Zuckerman. News Corp. had an informal agreement for Newsday, but was unwilling to match Cablevision's offer and rev...

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