NEW YORK--Cablevision Systems Corp. announced its purchase of Newsday Monday morning. Cablevision will own 97% of Newsday and its subsidiaries in the $650 million deal, according to Newsday. The Tribune Company will continue to retain 3% of the Long Island-based newspaper.

The deal will create “a regional news and advertising giant with a powerful grip on Long Island,” according to Newsday.

The deal will require Cablevision to pay the Tribune Company $612 million in cash and $18 million in rent for the 3% of Newsday holdings that Tribune will retain, according to Newsday. 

The $650 million in financing of Cablevision bonds will be underwritten by Bank of America.

The deal is expected to be finalized in July or August, according to Newsday.