Cablevision's Newsday Acquisition Gets Antitrust Clearance
This story was written by Joseph Weisenthal.
Cablevision (NYSE: CVC) has received the green light from the FTC for its acquisition of Long Island newspaper Newsday, according to Reuters. This wasn't expected to be a major hurdle, but antitrust issues came up a lot during the bidding. When Rupert Murdoch's News Corp (NYSE: NWS) was seen as the likely winner, the fact that it already owned two New York papers was expected to be an issue. Mort Zuckerman's New York Daily News might have had problems because its profitability diminished claims that it needed cost synergies. Cablevision sidesteps these issues because it's not in the newspaper business, and apparently authorities weren't worried about one company having control of both cable assets and a major newspaper in the same region.
By Joseph Weisenthal