Dolans Buy Newsday Stake
A group led by former Cablevision scion Patrick Dolan and his father cable legend Charles Dolan has agreed to purchase a 75% interest in Newsday Media Group, the entity that includes Long Island newspaper Newsday.
Altice USA, the domestic unit of Dutch telecom company Altice N.V., which purchased Cablevision Systems – and its Newsday assets – in June for 17.7 billion, will retain a 25% interest in Newsday Media Group. Patrick Dolan, who also is president of Altice USA’s News 12 Networks, becomes president and majority owner of NMG. His father Charles will hold a small financial interest in NMG and sit on its board of directors.
“This is an exciting new chapter in the history of Newsday Media Group,” Patrick Dolan said in a statement. “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.”
For the full story go to Multichannel.com.
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