NEW YORK — Patrick Dolan has purchased a majority stake in Newsday Media Group (NMG), publisher of Newsday newspaper on Long Island. An entity led by Dolan has acquired 75 percent of Newsday Media, while Altice retains a 25 percent interest in the company.
Dolan, President of News 12 Networks, also becomes President and Majority Owner of Newsday Media Group. Former Cablevision Chairman Charles Dolan will hold a small financial interest in NMG and serve on its board of directors. Charles Dolan is the father of Patrick Dolan.
“This is an exciting new chapter in the history of Newsday Media Group,” said Patrick Dolan, President of News 12 Networks, and President and Majority Owner of Newsday Media Group. “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. We also look forward to continuing the collaborations with News 12 Networks that have resulted in breakthrough multi-media projects and digital services.”
“We deeply appreciate the partnership with Altice as we come together to strengthen the power of Newsday Media Group,” said Charles Dolan, Newsday Media Group Board of Directors. “This arrangement opens the door to greater opportunities to connect readers to what matters to them and to continue the company’s legacy of best-in-class local journalism.”
“We have enormous respect for the Dolans and their unwavering passion and dedication to journalistic excellence,” said Dexter Goei, Chairman and CEO of Altice USA. “We are thrilled to be their partner as we drive the continued development of Newsday Media Group to the benefit of our customers and the local communities that we serve.”
As part of the agreement, Altice USA’s Optimum Online customers will continue to receive access to Newsday.com and the Newsday mobile Apps.
Newsday Media Group includes Newsday, one of the nation’s largest daily newspapers, serving Long Island through its print editions, its popular website newsday.com, and its mobile/digital products; amNewYork, the most widely circulated free daily serving New York City; and Newsday Hometown Shopper, one of the largest weekly shopper publications in the Northeast.
Altice purchased Cablevision in May for about $17.7 billion.