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Charles Dolan

The Dolan family is taking back Newsday paper

Long Island's Newsday paper is back in the hands of the Dolan family.

European telecommunications company Altice had bought Newsday's owner, New York-area cable company Cablevision, in June for $17.7 billion. Cablevision was founded by Charles Dolan in 1973, and the Dolan family became a New York sports-and-entertainment power. They control Madison Square Garden, the New York Knicks and Rangers and AMC Networks, which airs "The Walking Dead."

Cablevision bought Newsday in 2008, but it came under Altice's control in June.

Now, Patrick Dolan, Charles Dolan's son and brother of former Cablevision CEO James Dolan, leads a group that has bought back 75 percent of...