Cablevision's Patrick Dolan Now Majority Owner of Newsday Media
Patrick Dolan, son of Cablevision founder Charles Dolan, is heading a group that bought 75 percent of Newsday Media Group from Altice, which closed in June on its $17.7 billion takeover of Newsday Media parent company Cablevision (see 1606210026), Newsday…
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Media and Altice subsidiary Altice USA said in a news release Thursday. Altice will keep 25 percent, and Dolan will be president and majority owner of Newsday Media and remain president of its News 12 Networks, while Charles Dolan will be on the Newsday Media board and hold a small ownership stake, the companies said. Newsday Media holdings include the Newsday and amNewYork publications. “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," Patrick Dolan said. "We also look forward to continuing the collaborations with News 12 Networks that have resulted in breakthrough multi-media projects and digital services.” The companies said under the agreement, Altice USA's Optimum Online customers will still get access to Newsday.com and the Newsday mobile apps.