Murdoch Closing In on Newsday Deal

Media mogul about to grab third New York paper
By Rob Quinn,  Newser Staff
Posted Apr 22, 2008 10:27 AM CDT
Murdoch Closing In on Newsday Deal
The mastheads of the New York Post and Newsday are seen in this photo in New York, Friday, March 21, 2008. Media conglomerate Tribune Co. reported a $78 million fourth-quarter loss from continuing operations Thursday as it copes with the historic downturn in the newspaper industry. Chairman and CEO...   (AP Photo/Richard Drew)

Rupert Murdoch's News Corp. empire is closing in on a deal to buy Newsday from the Tribune Company for an $850 million package, reports Reuters. Under the terms of the deal, Newsday would be run as a joint venture with the New York Post, but the papers would remain separate for now. Tribune would get $550 million in cash and retain a 5% stake in Newsday. (More Rupert Murdoch stories.)

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