Dolans to take Cablevision private for $10B

  

(New York - WABC, May 2, 2007) (WABC) -- The Dolan family is taking Cablevision private.

The New York-area cable TV provider, which also owns Madison Square Garden, said Wednesday it has reached a deal to be taken private by the Dolans in a deal worth about $10 billion.

It was the Dolans' third attempt to take the company private in recent years, the first two having been rejected by a two-person committee of independent directors on its board.

The company said in a statement Wednesday that its board of directors, on the advice of a special committee of independent directors, has voted to approve the Dolans' offer of $36.26 per share.

That is an 11 percent premium over Cablevision's closing price of $32.67 on Tuesday.

In morning trading Wednesday, Cablevision shares rose $2.59, or 8 percent, to $35.26 on the New York Stock Exchange.

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