Tribune Closes On Newsday Sale
July 29, 2008 at 1:08 PM (PT)
TRIBUNE CO. has closed on the sale of LONG ISLAND daily newspaper NEWSDAY to CABLEVISION SYSTEMS INC. for $650 million. TRIBUNE CO. retains 3% of the paper's parent NEWSDAY MEDIA GROUP, a new partnership with CABLEVISION. Publisher TIM KNIGHT remains with the paper and will report to CABLEVISION COO THOMAS RUTLEDGE.
TRIBUNE owns one radio property,. Talk WGN-A/CHICAGO.