Dolans' Offer Scores With Cablevision

Third time's the charm for founding family buying back the company
By M. Morris,  Newser Staff
Posted May 2, 2007 11:20 AM CDT
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(Newser) – 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.

Their $36.26 offer per share is up from the $30 they offered in January, and 11 percent higher than the stock's closing price yesterday. The Dolan family will put up $2.1 billion in equity, Bloomberg reports.  Merrill Lynch & Co., Bear Stearns & Co. and Bank of America will loan another $15.5 billion.