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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)

(Newser) – 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.

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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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