Cablevision, the US cable TV operator, on Monday emerged as the winner in a bid battle for Newsday, the Long Island tabloid owned by Tribune, topping offers from Rupert Murdoch and Mortimer Zuckerman. The transaction, finalised at the weekend, values the newspaper at $632m. The deal will enable Sam Zell, Tribune’s chairman, to pay down some of the debt he acquired when he paid $8.2bn for the Chicago-based company last year. Cablevision will pay $612m for a 97% stake in Newsday, plus an extra $18m in prepaid rent for some facilities. Tribune will retain a 3% stake worth $20m.
