Cablevision Nears Deal With Dolans

CABLEVISION NEARS DEAL WITH DOLANS
[SOURCE: New York Times, AUTHOR: Andrew Ross Sorkin]
Cablevision Systems is nearing a deal to sell itself to its founding family, the Dolans, for more than $10.5 billion in cash. With the addition of debt, the total price would be nearly $23 billion. A deal would resolve a tortured stalemate between the Dolans and the board over the future of the company. During the last three years, the Dolans have sought and failed three times to buy out the public shareholders of Cablevision, which has 3.1 million cable subscribers in the New York metropolitan region. The company also owns Madison Square Garden, Radio City Music Hall, the New York Knicks and the New York Rangers. The board of Cablevision met Tuesday evening to discuss the deal, the people involved in the discussions said. There remain several critical issues, they warned, which may postpone or even derail a deal altogether. The Dolans have appeared close to clinching deals with the board before, only to suffer setbacks at the 11th hour. While the Dolans are the controlling shareholder, Cablevision’s special committee of independent directors has not been afraid to stand up to them.
http://www.nytimes.com/2007/05/02/business/media/02deal.html
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* To Go Private for at Least $10.5 Billion
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