Newsday: We're In The Money

Fitz: Newsday's new owner, Cablevision Systems Corp., wants everyone to know it's profitable. Cablevision folks are a little steamed at AP for a story that accurately noted an SEC filing showed the paper lost $81 million last year, $282 million in 2006 and $415 million in 2005.

But that's not the whole story, Cablevision says. Those were just paper losses on goodwill as former owner Tribune Co. wrote down the paper's shrunken market value.

In a story by James T. Madore, Newsday reported profits before taxes and interest of $65 million last year, $66 million in 2006 and $101 million in 2005. Newsday adds it had an operating profit of $127 million on revenue of $226 million for the first six months of '08.