Cablevision, the dominant cable provider on New York's Long Island, now wants to build a municipal Wi-Fi network for the area. Along with its bid for Newsday, the local newspaper, this completes its strategic plan to enter into as many outmoded businesses as possible. [WSJ]

In a deal forecast by analysts back in March, New York broadcast titans Cablevision yesterday acquired the Sundance Channel for $496 million. The amount was nearly 25% higher than its valuation at the time, and it adds nearly $50 million to the wallet of minority shareholder and Sundance Film Festival founder Robert Redford; his partners at NBC Universal and CBS pocketed the rest. While Redford is expected to stay with the network, it should undergo plenty of other changes — not the least of which will be its transition to a commercial-supported entity. What else would you expect from Sundance other than a word with its sponsors?

"Cablevision is preparing a $650 million offer for Newsday, $70 million more than bids by Rupert Murdoch and Mortimer B. Zuckerman... Executives... interested in Newsday said they learned over the last month that printing, trucking and subscription operations were more troubled and inefficient than they knew. Paradoxically, that has persuaded them that the paper was worth more... 'These are problems that can be fixed, so there's a lot of room for improvement,' one executive said." [Times]

Since when is Newsday so hot? The paper consistently publishes the most boring front page of any of the Gotham tabloids, but the publication is clearly stirring the passions of corporate tycoons. Rupert Murdoch's interest emerged yesterday; now it's clear that the News Corp. CEO and Post owner must queue with other suitors interested in winning Newsday from money-hemorrhaging Tribune Company. Daily News owner Mort Zuckerman wants the paper for largely the same reason as Murdoch, which is to merge business-side offices and cut costs enough to drive the remaining, unaffiliated tabloid out of business. Long Island cable operator Cablevision Systems Corp. is bidding, perhaps so it can cross-sell ads from its cable system and local news channel into Newsday. It's not clear that the other two bidders are as serious as Murdoch, or can afford to be, but broker Citigroup is apparently planning a "soft auction." Newspaper analyst John Morton estimates Newsday could fetch $350 million to $400 million, down about half from its value five years ago. Kind of sad for what Morton described, in the Times' retelling, as "probably one of Tribune's more lucrative papers." [Times, WSJ]

• Surly Maer Roshan only talks to Yusef Jackson. Yusef talks to Ron Burkle. It's called plausible deniability. You know, allegedly. [NYO]
  

• Another hour of "Today" just means more Al Roker to love. And, you know, Ann Curry. [WSJ]
  

• Here come the layoffs at the Philadelphia Inquirer. [NYT]