Cablevision to Write Down Approx $400 Million in Print Assets
The folks over at Cablevision may be suffering some serious buyer’s remorse this week — to the tune of $450 million. The company, which purchased Long Island-based Newsday last July from Sam Zell’s struggling Tribune Co. announced yesterday that it plans to write down its newspaper assets by “between $375 million and $450 million.” Ouch. Per today’s New York Post:
Cablevision admitted as much in its filing, saying the pre-tax charges “reflect the continuing deterioration of values in the newspaper industry and the greater-than-anticipated economic downturn” that has hurt the paper’s advertising business.
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