Dolans Make Third Run At Buying Back Cablevision

Offer shows confidence in cable future
By Peter Fearon,  Newser Staff
Posted May 2, 2007 8:39 AM CDT
Dolans Make Third Run At Buying Back Cablevision
View Of Madison Square Garden   (Getty Images)

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.

The current bid, valued at at least $10.5 billion, signals confidence in the cable business and the determination of  Charles and James Dolan, the famously pugnacious father-and-son team, to control the company. Time Warner has long coveted its cable-system rival, which is also locked in a struggle with Verizon for Internet and phone service. (Read more Cablevision stories.)

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