Rupert Murdoch just can’t get enough of the New York newspaper scene. The News Corp. mogul, already in possession of the New York Post and The Wall Street Journal, has worked out a deal to buy Newsday for about half a billion dollars. That paper is currently owned by another salty media tyrant, Sam Zell.

Reuters via Sunday Morning Herald:

Under the terms of a deal, Newsday would be part of a joint venture with the New York Post and other News Corp assets, The Wall Street Journal reported.

News Corp would own most of the company and Tribune would keep less than 5 per cent.

Selling the paper would be key to the plans of Sam Zell, the Tribune chief executive and Chicago real estate magnate, to help slash debt at the company, which he took private in an $US8.2 billion buyout last year.

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