Telecom company Altice just tied up a loose end from its recent acquisition of Cablevision. It has agreed to sell a majority stake in Newsday, the Long Island newspaper that the cable company bought in 2008, to a group led by News 12 Networks President Patrick Dolan.
His Newsday Media Group will pick up 75% of the operation and run it. Dolan’s father — Cablevision founder Charles Dolan — is an investor and will sit on the NMG board. Altice will keep 25% of Newsday, and owns cable channel News 12.
The owners “are deeply committed to preserving the state-of-the-art journalism that Newsday has consistently provided and that has served Long Islanders so well,” Patrick Dolan says. “We also look forward to continuing the collaborations with News 12 Networks that have resulted in breakthrough multi-media projects and digital services.”
In a note to employees, Dolan called Newsday “a paper where good, honest, smart, relentless reporting has always counted and always will. It’s the kind of reporting that changes things for the better.”
Charles Dolan says the agreement “opens the door to greater opportunities to connect readers to what matters to them and to continue the company’s legacy of best-in-class local journalism.”
Subscribers to Altice’s Optimum Online will continue to be able to access Newsday.com and the paper’s mobile apps.
Along with the daily, NMG picked up free New York City daily amNewYork and Newsday Hometown Shopper, which it calls “one of the largest weekly shopper publications in the Northeast.”