Cablevision completes acquisition of Newsday

On Tuesday, Cablevision completed its $650 million acquisition of Newsday in a deal that creates a new, big regional player in online and print news and advertising. Cablevision acquired 97 percent of Newsday Media Group through the formation of a new partnership with Tribune Co., first announced in May. Cablevision said the deal "adds a complementary print and online media group with diverse, quality local content in the New York area." Newsday Publisher Tim Knight will continue to oversee Newsday and will report to Cablevision chief operating officer Thomas Rutledge. Cablevision and Newsday will begin exploring ways to grow their advertising-based and subscription-based businesses. Cablevision is expected to begin using its cable systems across the New York area to run Newsday advertisements that highlight the strength of the paper's news, content and advertising. The deal puts Cablevision in control of the largest block of advertising and news resources in the region. Its digital cable empire reaches more than 3 million households in the tri-state area, and it owns News 12 Networks operating a 24-hour news programming through the region. Newsday's paid weekday circulation is just under 380,000 copies.