A group led by former Cablevision scion Patrick Dolan and his father cable legend Charles Dolan has agreed to purchase a 75% interest in Newsday Media Group, the entity that includes Long Island newspaper Newsday.
Altice USA, the domestic unit of Dutch telecom company Altice N.V., which purchased Cablevision Systems – and its Newsday assets – in June for 17.7 billion, will retain a 25% interest in Newsday Media Group. Patrick Dolan, who also is president of Altice USA’s News 12 Networks, becomes president and majority owner of NMG. His father Charles will hold a small financial interest in NMG and sit on its board of directors.
“This is an exciting new chapter in the history of Newsday Media Group,” Patrick Dolan said in a statement. “My father and I, together with our Altice partners, are deeply committed to preserving the state-of-the-art journalism that Newsday has consistently provided and that has served Long Islanders so well. We also look forward to continuing the collaborations with News 12 Networks that have resulted in breakthrough multi-media projects and digital services.”
Newsday Media Group includes Newsday, its popular website newsday.com, and its mobile/digital products; amNewYork, the most widely circulated free daily serving New York City; and Newsday Hometown Shopper, one of the largest weekly shopper publications in the Northeast. As part of the agreement, Altice USA's Optimum Online customers will continue to receive access to Newsday.com and the Newsday mobile Apps.
“We deeply appreciate the partnership with Altice as we come together to strengthen the power of Newsday Media Group,” Charles Dolan said in a statement. “This arrangement opens the door to greater opportunities to connect readers to what matters to them and to continue the company’s legacy of best-in-class local journalism.”
The deal, terms of which were not disclosed, could help Altice USA achieve some of its aggressive cost cutting goals. The company has said it plans to shave about $900 million in costs from the cable operation in the next four to five years.
“We have enormous respect for the Dolans and their unwavering passion and dedication to journalistic excellence,” said Altice USA chairman and CEO Dexter Goei in a statement. “We are thrilled to be their partner as we drive the continued development of Newsday Media Group to the benefit of our customers and the local communities that we serve.”