PatrickDolan, the son of CablevisionSystems Corp. founder Charles Dolan, has entered into an agreementto purchase a majority stake in Newsday Media Group from .
Underthe deal, terms of which were not disclosed, an entity led by Patrick Dolan hasbought 75% of Newsday Media, which includes the flagship Newsday paper, with Altice retaining a 25% interest in the company.Patrick Dolan, president of News 12 Networks, becomes president and majorityowner of Newsday Media, while his father will hold a small financial interestin the company and serve on its board of directors.
Themove follows Altice's June closing on its $17.7 billion acquisition ofCablevision. The deal, which combined Cablevision with Altice's unit,created the nation'sfourth-largest cable operator.
Cablevisionpurchased Newsday in 2008 from
NewsdayMedia includes Newsday, one of thenation's largest daily newspapers that serves Long Island via its printeditions, website Newsday.com and its mobile and digital products; amNewYork, the free daily titledistributed in New York City, and NewsdayHometown Shopper, a weekly shopping publication available in the Northeast.
Aspart of the agreement, Altice USA's Optimum Online customers will continue toreceive access to Newsday.com and the Newsday mobile apps.