• Editor & Publisher, Tuesday, February 10, 2009 9:18 AM

Cablevision Systems is writing down more than $375 million in the value of Newsday Media, the Long Island newspaper group it purchased last year. The pretax impairment charge will wipe out nearly 70% of the $650 million Cablevision paid to buy the paper from Tribune Co.

In an SEC filing, Cablevision says the charges "reflect the continuing deterioration of values in the newspaper industry and the greater-than-anticipated economic downturn" that hurt the media group's ad business. The charges, which will be reflected in the 2008 earnings report, won't result in any future cash outlays.

Cablevision had planned for Newsday's print and online content to supplement its own cable TV service, which it provides to over 3 million subscribers in the New York metro area. Besides Newsday newspaper, the Newsday group includes the free New York daily amNewYork; Newsday.com; magazine publisher Island Publications; and Star Community Publishing's weekly shopper guides.

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