Skip to: Content
Skip to: Site Navigation
Skip to: Search

September 8, 2008 5:38:19 AM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Dolans Lose Buyout Bid for Cablevision

Posted Oct 24, 07 1:22 PM CDT in Business 

(Newser) – Cablevision shareholders today rejected a bid by the Dolans, the company's founding family, to take the Long Island-based cable provider private. The family offered $10.6 billion, or $36.26 a share, below what major investors felt was the firm's value, the AP reports. Analysts valued the company, which also owns the Knicks, Rangers, Madison Square Garden, and Radio City Music Hall, at as much as $50 per share.

The Dolans control about 65% of voting shares, but  the sale required a majority of outside shareholders. The "no" vote was expected after ClearBridge Advisors, the largest outside shareholder, came out against the deal—the Dolans' third effort to take the company private. Cablevision CEO James Dolan put a positive spin on the rejection, calling it a "vote of confidence in the prospects of Cablevision." 

Sources: Associated Press, Newsday, Wall Street Journal

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • The Garden to Get a New Look

    Apr 4, 08 8:47 AM CDT
    Madison Square Garden is getting a  $500-million overhaul. After pulling out of a plan to build a new arena as part of a new Penn Station project a few blocks away, Cablevision, the Garden's owners, unveiled a renovation plan yesterday.  The work is slated to start next spring and be done during the summers,  finishing by the 2011-2012 NBA and NHL seasons. The Liberty will have to relocate, but the Knicks and Rangers will stay put. More »

  • Dolan Deal for Cablevision Is on the Rocks

    Oct 17, 07 8:18 AM CDT
    Dolan Deal for Cablevision Is on the Rocks The Dolan family bid to take Cablevision private is on the verge of collapse, the New York Times reports, after James Dolan announced last night that the $10.6 billion bid won't be upped, and the company’s largest shareholder balked. ClearBridge Advisors, which owns 13.6% of shares, threatened to vote against the $36.26 a share offer next week, joining other dissenting institutional investors. More »

  • Dolans' Offer Scores With Cablevision

    May 2, 07 11:20 AM CDT
    Dolans' Offer Scores With Cablevision The Dolans have finally  struck a deal to take Cablevision private. The $10.6 billion transaction, announced today, ends two years of wrangling with the entertainment conglomerate's board, and is a victory for Charles, the company's 80-year-old founder and his son James, now CEO. More »

  • Dolans Make Third Run At Buying Back Cablevision

    May 2, 07 8:39 AM CDT
    Cablevision's founding family is close to taking the entertainment giant private, the Journal reports. The Dolans have tried and failed twice since 2005 to strike a deal with the board, but the third time may be the charm. The magic number is $36 a share, up from $30 in an unsuccessful bid in January. More »

James L. Dolan, chairman of Madison Square Garden and CEO and president of Cablevision Systems Corp. cable company, talks during a news conference in this Nov. 15, 2006 file photo, in New York City. Cablevision...   (Associated Press)
The marquee of New York's Radio City Music Hall, a property of Cablevison Systems Corp., is seen in this May 2, 2007 file photo. The Dolan family's bid to take Cablevision Systems Corp. private next...   (Associated Press)
James Dolan, Cablevision President and Chief Executive Officer and Madison Square Garden Chairman, attends a New York news conference in this Jan. 11, 2006 file photo.(AP Photo/Kathy Willens, File)   (Associated Press)
A repairman replaces a light on the Marquee of New York's Radio City Music Hall, a property of Cablevison Systems Corp., Wednesday May 2, 2007. Cablevision Systems Corp., a New York-area cable TV provider...   (Associated Press)
Cablevision Headquarters in Bethpage, N.Y.,are seen in a file photo from Aug. 8, 2005.(AP Photo/Ed Betz, File)   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Tags

cable TV  • James Dolan  • Cablevision


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular


Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »