Cablevision retains advisors to evaluate buyout offer
http://www.newyorkbusiness.com/news.cms?id=11187
July 18, 2005
Cablevision Systems Corp. said it has hired Morgan Stanley and Lehman Brothers to advise it on a proposed buyout offer.
The Bethpage, L.I.-based cable and entertainment company also retained Willkie Farr & Gallagher as legal counsel. Last month, the Dolan family offered to take Cablevision private in a $7.9 billion cash-and-stock deal. Charles Dolan would remain chairman of Cablevision, while his son, Chief Executive James Dolan, would become CEO and chairman of Rainbow Media Holdings, comprising the company's television networks and sports teams.
Cablevision's entertainment assets include the New York Knicks, Radio City Music Hall and Madison Square Garden. Its cable networks include American Movie Channel, Independent Film Channel and WE.
A special committee of the board of directors, which includes directors Thomas Reifenheiser and John Ryan, "is at the beginning stages of its evaluation."
Earlier this year, the Dolan's battled over the fate of Rainbow's money-losing satellite business, Voom. The battle came to an end in April after the elder Mr. Dolan ran out of options to keep the business running and Voom began closing.
For the younger Mr. Dolan, the proposed buyout offer means he can at last rule his own roost. But it also beams the vast financial resources of the nation's sixth-largest cable provider will no longer be accessible to help smooth over any missteps ("Cablevision spinoff may face storm," Crain's, June 27, 2005).
http://www.newyorkbusiness.com/news.cms?id=11187
July 18, 2005
Cablevision Systems Corp. said it has hired Morgan Stanley and Lehman Brothers to advise it on a proposed buyout offer.
The Bethpage, L.I.-based cable and entertainment company also retained Willkie Farr & Gallagher as legal counsel. Last month, the Dolan family offered to take Cablevision private in a $7.9 billion cash-and-stock deal. Charles Dolan would remain chairman of Cablevision, while his son, Chief Executive James Dolan, would become CEO and chairman of Rainbow Media Holdings, comprising the company's television networks and sports teams.
Cablevision's entertainment assets include the New York Knicks, Radio City Music Hall and Madison Square Garden. Its cable networks include American Movie Channel, Independent Film Channel and WE.
A special committee of the board of directors, which includes directors Thomas Reifenheiser and John Ryan, "is at the beginning stages of its evaluation."
Earlier this year, the Dolan's battled over the fate of Rainbow's money-losing satellite business, Voom. The battle came to an end in April after the elder Mr. Dolan ran out of options to keep the business running and Voom began closing.
For the younger Mr. Dolan, the proposed buyout offer means he can at last rule his own roost. But it also beams the vast financial resources of the nation's sixth-largest cable provider will no longer be accessible to help smooth over any missteps ("Cablevision spinoff may face storm," Crain's, June 27, 2005).
