Cablevision Newsday Deal Moves Ahead

6/25/2008 7:03 AM Eastern

The Federal Trade Commission approved Cablevision System’s purchase of Long Island, N.Y. daily newspaper Newsday from Tribune Co. for $650 million.

Federal regulators issued an early termination of the waiting period required for antitrust approval under the Hart-Scott-Rodino law, the FTC said Tuesday.

Cablevision agreed to purchase a 97% interest in the newspaper in May.

The deal is expected to close in July or August. 

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