Summary:

As expected, Cablevision (NYSE: CVC) has won the Newsday-stakes, and will acquire 97 percent of the Tribune-owned paper for $632 million. Tr…

As expected, Cablevision (NYSE: CVC) has won the Newsday-stakes, and will acquire 97 percent of the Tribune-owned paper for $632 million. Tribune will get another $18 million related to prepaid rent, bringing the total value of the transaction to $650 million. The announcement touts the potential for the Long Island-based Cablevision to complement its existing operations with more local content, although unlike the other would-be acquirers — News Corp (NYSE: NWS). and Mort Zuckerman’s New York Daily News — there’s not a cost-savings component. In addition to the paper, Cablevision will get the Newsday website, amNewYork, the free NYC daily foisted on unsuspecting subway riders, as well as a group of Long Island-based community shopper publications. Tribune CEO Sam Zell:

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