MSO Cablevision Systems [1] doubled up its news footprint on Long Island in suburban New York by firming a $650 million definitive agreement Monday to buy a 97% stake in local daily newspaper Newsday [2].

The suburban newspaper overlaps Cablevision systems in Long Island and will provide editorial resources that can help the MSO’s News 12 [3] news channels.

In the buy, Cablevision -- the nation’s fifth-largest MSO -- will acquire the stake in Newsday Media Group for $632 million from Tribune [4], which will retain a 3% stake. Tribune -- which is selling assets to pay down debt associated with its $8.2 billion sale in December [5] -- will also receive $18 million at closing as prepaid rent from leases of property used in the Newsday business, bringing the value to $650 million. The deal is expected to be structured as a joint venture for tax reasons.

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