Newsday sold in $650 million deal

NEW YORK. Cablevision Systems Corp. is buying the Long Island-based newspaper Newsday from Tribune Co. in a deal valued at $650 million, the companies announced yesterday.

Cablevision beat out media mogul Rupert Murdoch, CEO of News Corp., who withdrew his own $580 million bid on Saturday. New York Daily News owner Mortimer Zuckerman had also bid $580 million.

The deal brings Newsday back to local ownership on Long Island.