Report: Tribune-Murdoch Deal For Newsday Close
April 22, 2008 at 5:53 AM (PT)
The WALL STREET JOURNAL is reporting that TRIBUNE CO. is close to a deal to sell NEWSDAY to RUPERT MURDOCH's NEWS CORP. The deal, as yet incomplete, would be for about $580 million and would leave TRIBUNE with a small stake, less then 5%, in a joint venture that would operate the LONG ISLAND daily paper and NEWS CORP.'s NEW YORK POST.
A NEWS CORP. deal for NEWSDAY would draw regulatory scrutiny, since MURDOCH already owns the POST, FOX O&O WNYW (TV) (FOX 5), and MY NETWORK TV affiliate WWOR-TV (MY 9) in the NEW YORK market ... and also owns the NEW YORK-based WALL STREET JOURNAL.
A source told the JOURNAL that an announcement "could be some time away" due to discussions regarding the tax aspects of the deal.