The Tribune Tower in Chicago, April 2, 2007. REUTERS/John Gress

(Reuters) - Cablevision Systems Corp said on Monday it will acquire a 97 percent stake in Newsday media group through a partnership with Tribune company in a $650 million transaction.

Cablevision said Newsday businesses would report to Cablevision Chief Operating Officer Thomas Rutledge. The company said Newsday was valued at $632 million and that Tribune, which will hold a 3 percent stake, would also receive $18 million when the deal closes.