Cablevision chokes on Newsday

Cablevision’s investment in Newsday flamed out even faster than I expected when I wrote 10 months ago that the over-priced deal was unlikely to succeed.But the company’s decision to declare as a loss up to 70% of the value of the newspaper might be good news for Rupert Murdoch, who declined to match the aggressive $650 million that Cablevision paid last year in a three-way bidding war for the