Newsday, you're free of Sam Zell!

The $650 million transaction that has brought the Long Island daily into the hands of Charles and Jim Dolan closed today.

It should be cause for grand celebration. But then again, only days after the deal was announced, a Newsday reporter told The Observer, "People are so beaten down here there’s not much of anything that could cause much of a reaction."

The Dolans win the bidding for the Long Island daily for $650 million. The deal is structured the way Sam Zell needed it to be--the Dolans pick up 97 percent of the company, while the Tribune company retains 3 percent. Here's the release:

CABLEVISION TO ACQUIRE 97% STAKE IN NEWSDAY MEDIA GROUP THROUGH PARTNERSHIP WITH TRIBUNE COMPANY IN A $650 MILLION TRANSACTION

Returns Newsday to Long Island-based Ownership After Nearly 40 Years  read more »

Later this morning, Newsday should belong to the Dolans.

Their $650 million bid will likely be accepted by Tribune owner Sam Zell later this morning, and the only thing that stands in the way are "minor details," said Charles Dolan in an interview last night with Newsday. The Times reports that Charles and James Dolan were in Chicago two weeks ago talking to Sam Zell, and Cablevision bankers and lawyers are there now hashing out the final terms of the deal.  read more »

The Dolans bought the Sundance Channel today for $496 million. And what of Newsday? They still have the leading bid.

Isiah Thomas, who coached the Knicks to one of their worst seasons in franchise history this year, has been fired, the AP reports.

The attempt by Charles and James Dolan to take Cablevision private failed today. The media and sports giant revealed that shareholders had voted against the Dolans' bid to acquire the company for $36.25 per share in cash.

The Times' Dealbook blog reports:

The investor vote leaves Cablevision as an independent company and spells an end, for now, to two years of takeover efforts by the Dolans. Though Cablevision did not provide a breakdown of the vote, large shareholders, proxy advisory firms and analysts had expressed strong reservations about the offer.

The entities owned or operated by Cablevision include: Optimum, AMC, IFC, WE tv, Madison Square Garden, the New York Knicks, Rangers and Liberty, Radio City Music Hall, the Beacon Theatre, and Clearview Cinemas.