News Corp. set to buy Newsday?


There were several reports yesterday, including one in Newsday itself, that News Corporation is on the verge of a deal to buy the Long Island daily for around 580 million bucks. News Corp. CEO Rupert Murdoch has said he isn’t interested in buying more daily newspapers. However, Newsday would be an exception that makes sense, since it would provide synergies to lower overhead costs with the New York Post. The Wall Street Journal reported that the deal is being structured to be tax efficient for Tribune Company, so it would be a joint venture, with Tribune retaining a stake of less than 5% in the venture.