Cablevision, Newsday’s parent company, is apparently cool with the paper losing millions. According to The New York Post, Cablevision’s latest earnings report showed that its “other businesses” group — which includes Newsday, MSG Varsity and News 12 — posted a combined loss of $100 million.
An analyst told the Post that Newsday is likely responsible for about $35 million of those annual losses. However, Cablevision’s execs greet those numbers with a shrug.
During the earnings call, Gregg Seibert, vice chairman and CFO of Cablevision, expressed support for the struggling paper. ”Newsday is a core asset for us,” he said. “It fits in with our cable operations and our focus on providing the best in local news coverage to our customers in conjunction with Newsday.”
Update (12:00 pm):
Keith Kelly, who wrote the Post’s report, just pointed out that I misread his piece. “$100 million for the Other Group and $35 million for Newsday itself were for the first quarter only,” Kelly explained via email. “One analyst we quoted said he thought the ANNUAL loss for Newsday by itself was $100 million last year — and growing.”