IN BRIEF (Page 17)

Newsday purchase

Cablevision Systems Corp, the New York-area cable provider, agreed to buy 97 percent of Long Island's Newsday newspaper from Tribune Co for $650 million.

Cablevision will also acquire Newsday's website and the free New York City daily amNY, the companies said in a statement yesterday. Tribune will keep 3 percent of Newsday.

IndyMac reports loss

IndyMac Bancorp Inc, the second- biggest independent US mortgage company, reported a first-quarter loss, omitted some dividends and said it doesn't expect to make money for the rest of this year.

The $184 million loss, equal to $2.27 a share, compares with profit a year earlier of $52.4 million, or 70 cents a share, the Pasadena, California-based company said yesterday.

Sprint mulls asset sale

Sprint Nextel Corp, the third-biggest US wireless carrier, said it may sell some assets after its first-quarter loss widened and more than 1 million customers dropped their contracts.

The net loss expanded to $505 million, or 18 cents a share, from $211 million, or 7 cents, a year ago, Overland Park, Kansas- based Sprint said yesterday.

Fundraising plans

Sovereign Bancorp Inc, the second-biggest US savings and loan, plans to raise about $1.5 billion in capital as the company tries to rebound from losses in 2007.

The lender will sell $1 billion in common stock and approximately $500 million in fixed-rate subordinated notes to build a "cushion" in case the economy slows more, Sovereign spokesman Ed Shultz said.

Agencies

(China Daily 05/13/2008 page17)