Newsday update

Looks like Sam Zell is planning to sell Newsday to New York Post owner Rupert Murdoch:

(Reuters) - Tribune Co has reached agreement in principle to sell Newsday to News Corp for about $580 million in what would be a joint venture, according to a source familiar with the matter.

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.