Cablevision Systems Corp. last month acquired Newsday in Melville, N.Y., for $650 million.

Under terms of the transaction, Cablevision, which operates cable systems serving more than 3 million households in the New York metropolitan area and owns other assets including Madison Square Garden, will purchase a 97 percent stake in Newsday Media Group.

 

Tribune Co., which is selling the paper, will retain 3 percent of NMG and will also own Newsday’s real estate assets, which include the daily’s production plant.

Cablevision outbid News Corp., which offered $580 million. News Corp., which owns the New York Post, had planned to mesh the two papers’ production and administrative operations.

Cablevision will have to decide what to do with the paper’s 10 presses, a mix of Goss International Corp. and TKS (USA) machines installed between 1978 and 1990.

Early last month, Cablevision spokesman Charles Scheuler told Newsday that the company had no comment about what it would do with the presses.