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Jul 26, 2016

Citrin Cooperman Provides Advisory Services to Patrick Dolan in Purchase of Majority Ownership Stake in Newsday Media Group

Featuring Niles Citrin, Patricia Cummings, Michael Feller

NEW YORK, NY, July 26, 2016 – Citrin Cooperman, a leading accounting, tax, and advisory services firm, announced today that it advised a group led by Patrick Dolan in connection with the recent purchase of a 75% ownership stake in Newsday Media Group (NMG). The Citrin Cooperman team advising the Dolan group was led by Partners Niles Citrin, Michael Feller, and Patricia Cummings. 
 
Patrick Dolan, President of News 12 Networks, has become President and majority owner of NMG. His father Charles Dolan, former Cablevision Chairman, will hold a small interest in NMG and serve on its board of directors. Altice USA, which on June 21 completed its acquisition of Cablevision (former owner of Newsday Media Group) will retain a 25% interest in NMG.
 
Newsday has a proud tradition of serving the needs of Long Islanders with state-of-the-art journalism, and our team is committed to preserving that heritage while also exploring new opportunities to connect to our community through digital and multi-media platforms,” said Patrick Dolan. “We are grateful to Citrin Cooperman for their professionalism and expertise in providing financial and tax advisory services that were essential to completing this transaction.”
 
“It is an honor for Citrin Cooperman to have advised and supported Patrick Dolan and his ownership team in the Newsday transaction,” stated Niles Citrin. “We applaud their desire to maintain a locally-based Long Island news organization with a track record of journalistic excellence and integrity, and their commitment to a bright future for Newsday Media Group,” he added. 
 
“Our efforts on this transaction reflect the essential Citrin Cooperman difference: in-depth expertise in complex tax and business issues, a solution-oriented approach to helping clients address today’s business challenges and opportunities, and a passion for best-in-class client service,” noted Patricia Cummings.
 
Niles Citrin is one of the founding partners of Citrin Cooperman and chair of the firm’s tax department. He has over 40 years of federal and state income tax experience which includes tax planning for large and middle-market corporations and high net worth individuals. He serves as financial consultant to a wide range of clients, including closely held businesses, Fortune 500 executives, money managers, and entrepreneurs.
 
Patricia Cummings is the co-managing partner of Citrin Cooperman’s New York City office. She leads the firm's Capital Markets and Private Equity Practice and the firm’s Audit and Attest Committee. Most recently, she is also the leader of Citrin Cooperman’s newly formed Women’s Initiative.  Ms. Cummings has extensive experience in acquisitions, divestitures, capital-raising transactions, including initial public offerings, and complex financial reporting issues.
 
Michael Feller is a partner in Citrin Cooperman’s Long Island office. Michael has more than 30 years of experience in accounting, tax, and business consulting. He works with a diverse range of clients, including high net worth individuals and closely held businesses. Mr. Feller specializes in helping clients enhance their profitability, minimize their income taxes, and plan for the future.
 
About Newsday Media Group
Newsday Media Group includes Newsday, one of the nation’s largest daily newspapers, serving Long Island through its print editions, its popular website newsday.com, and its mobile/digital products; amNewYork, the most widely circulated free daily serving New York City; and Newsday Hometown Shopper, one of the largest weekly shopper publications in the northeast.
 
About Citrin Cooperman
Citrin Cooperman is among the largest, nationally recognized, full-service CPA firms in the United States– currently ranked in the Top 25. Headquartered in New York City, with offices throughout the Northeast, Citrin Cooperman has steadily built its business serving a diverse and loyal clientele since 1979. Our daily mission is to enhance the business and personal lives of our clients through our customized approach which includes offering a wide range of attest, assurance, tax, and business advisory services, including valuation and forensic services, across the globe. (www.citrincooperman.com