Patrick Dolan buys 75% stake in Newsday, becomes president of Newsday Media Group
Acquisition comes shortly after the sale of Cablevision, the fourth largest cable company in the US, to the Dutch telecom Altice in a deal valued at $17.7 billion
With the sale of Cablevision now closed, the Dolan family has made an acquisition, acquiring the majority stake in Newsday Media Group, publisher of the long island tabloid.
Newsday’s ownership has bounced around in the past few decades: from Harry Guggenheim to Times-Mirror, to The Tribune Company (when that company acquired Times-Mirror_ to Cablevision. In the late sixties the paper was once edited by Bill Moyers, though its owner soon tired of Moyer’s anti-Vietnam War coverage.
Newsday came with the sale of Cablevision, the buyer being the Netherlands-based telecom Altrice. The Dolan family has acquired the majority stake in Newsday, but Altice retains a 25 percent stake.
“This is an exciting new chapter in the history of Newsday Media Group,” said Patrick Dolan, President of News 12 Networks, and President and Majority Owner of Newsday Media Group. “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.”
As part of the deal, Altice USA’s Optimum Online customers will continue to receive access to Newsday.com and the Newsday mobile Apps along with their services.
Newsday’s weekday circulation was last reported as 329,547, down about 100K from where it stood a decade ago. Its Sunday circulation has similarly fallen by about the same amount. But print circulation was reported as 226,048, with the rest digital replica and digital nonreplica.