Updated Tuesday, May 13, 2008 0:00 am TWN, Los Angeles Times

Tribune OKs US$650 mil. sale of newspaper Newsday

NEW YORK -- Tribune Co. agreed Sunday to sell the Long Island newspaper Newsday to Cablevision Systems Corp. for US$650 million. The deal — structured as a tax-free joint venture — would give Tribune US$612 million in cash to pay down its nearly US$13 billion debt. Two-thirds of that was incurred in December’s US$8.2-billion buyout of the company, which was orchestrated by Chicago real-estate baron Sam Zell.
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