Mark Harrington, Newsday
Citing newspaper-industry woes and the economic downturn, Cablevision Systems Corp. said yesterday it would erase nearly 70 percent of the value of the Newsday Media Group from its books.
Cablevision, which bought the Newsday Media Group last summer for $650 million, said it would take $375 million to $450 million in pretax “impairment charges” to reflect Newsday’s decreased value.
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The move doesn’t impact Cablevision’s cash flow and isn’t likely to have any material impact on the company, one of several to take write-downs in the last few weeks. Separately yesterday, Cablevision announced a $500-million debt offering