Tribune Co. to sell Newsday for $580 million

The Long Island newspaper, Newsday owned by the Tribune Co. may get taken over by the News Corp. for about $580 million. The deal is currently not finalized and it may happen that no deal takes place but currently the key points of the deal are getting talked over by the involved companies.

Tribune Co. was taken over by Sam Zell in December and he had been trying ways to clear off the heavy debt load on the company. News Corp. will be benefited from the deal as Newsday earning is $50 million annually.