Summary:

Looks like Rupert Murdoch may be on his way to some kind of odd New York trifecta … WSJ is reporting that parent News Corp is close to a $…

Looks like Rupert Murdoch may be on his way to some kind of odd New York trifecta … WSJ is reporting that parent News Corp is close to a $580 million deal with Tribune Co. to acquire Newsday. Citing sources “familiar with the situation,” WSJ says the terms would put the Long Island paper in a JV with the NY Post and some non-newspaper assets; News Corp would own most with Tribune holding less than 5 percent.

Even if the two companies come to terms, the deal likely would face some opposition and would have to be approved by federal regulators given News Corp’s other area holdings.

WSJ: “The Newsday deal is expected to wipe out as much as $50 million in annual losses News Corp (NYSE: NWS). now incurs on the Post, with the combined Newsday-Post operation earning roughly $50 million, one person familiar with the situation said. … Advisers for the two sides are still getting comfortable with the regulatory and tax aspects of the deal, people familiar with the situation said. An announcement of a deal could be some time away, one person said.”

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