Cablevision reported close to Newsday deal

NEW YORK (AP) — Cablevision Systems Corp. is close to buying the Long Island newspaper Newsday from Tribune Co. for $650 million, a person with knowledge of the situation said Sunday.

The deal, which could be announced as soon as today, would net Cablevision, a cable TV company also based on Long Island, its first newspaper. It would also provide much-needed cash to Tribune Co., which is struggling under $8.2 billion in debt it took on when it went private last December.

The person familiar with the talks asked to remain anonymous since the discussions were confidential. Spokesmen for both Tribune and Cablevision declined to comment. The Wall Street Journal and Newsday reported on their Web sites earlier Sunday that a deal with Cablevision was close.