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NEW YORK - Cablevision Systems Corp. says it is buying the Long Island-based newspaper Newsday from Tribune Co. for $650 million.
Cablevision beat out media mogul Rupert Murdoch, CEO of News Corp., who withdrew his own $580 million bid on Saturday. New York Daily News owner Mortimer Zuckerman had also bid $580 million.
The deal announced Monday brings Newsday back to local ownership on Long Island. Tribune had been seeking to sell Newsday lighten an $8.2 billion debt load it took on last year when it went private.
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