Cablevision closes Newsday acquisition

Tim Knight will continue to oversee co.

Cablevision closed its acquisition of Newsday on Tuesday, achieving it via the buyout of 97% of Newsday and the formation of a new partnership with Tribune Co.

Newsday Publisher Tim Knight will continue to oversee Newsday and will report to Cablevision chief operating officer Thomas Rutledge.

The companies are already plotting synergies. Cablevision cable and data systems across Gotham and Long Island will soon start running ads touting the strength of the paper’s news, content and advertising and hawking subscriptions.

Cablevision’s offer of $650 million trumped lesser ones by News Corp. and Daily News publisher Mort Zuckerman in the latter stages of bidding last spring.

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