The NYTs is reporting that Tribune owned Newsday has reached an "agreement in principle" to sell the Long Island based newspaper to Rupert Murdoch owned News Corp for $580 millon.

Under the terms of a deal, Newsday would be part of a joint venture with News Corp's New York Post and other News Corp assets, according to a report in the Wall Street Journal. News Corp would own most of the company and Tribune would keep a stake of less than 5 percent.

The deal may take some time to be finalized due to a little something called "media ownership issues," which "could restrict the number of properties...Murdoch could own in the New York Area" and ostensibly throw a wrench into Rupe's apparent plan to be sole proprietor of all New York media.