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Cablevision Systems Corp. founder and chairman Charles Dolan and his family will sell at least $57 million worth of company stock over the next year, according to regulatory filings.
Dolan, 77, plans to sell 844,000 shares of Class A stock at a minimum price of $25 per share, according to a Securities and Exchange Commission filing Friday. Trusts for various family members will sell a total of 1.556 million shares at prices ranging from $22 to $25 per share, depending on stipulations in each trust, according to the filing, which said the transactions' purpose was "in order to increase their liquidity."
The Dolans outlined the plan in a filing last month that said they hoped to sell about $5 million worth of stock per month for a year. Bear Stearns Cos. will handle the sales, which will begin next month.
Bethpage-based Cablevision's stock closed at $22.60 per share Thursday. In the past three months, its share price has fluctuated between $21.53 and $27.37, near its 52-week high of $27.70. Markets were closed Friday in observance of Good Friday.
"It's a routine estate transaction involving less than 3 percent of the estate's holdings," Cablevision spokesman Charles Schueler said. "It is for appropriate diversification."
Charles Dolan controls 37.9 million shares, and the Dolan family controls a majority of the company's voting shares.
Later this month, Cablevision is expected to file documents to spin off Voom, the satellite television service it launched in October, along with three of its TV networks, including AMC. The properties will be a separate company with its own stock and with Charles Dolan as chairman. His son, James Dolan, will take over as Cablevision chairman.
Cablevision Systems Corp. founder and chairman Charles Dolan and his family will sell at least $57 million worth of company stock over the next year, according to regulatory filings.
Dolan, 77, plans to sell 844,000 shares of Class A stock at a minimum price of $25 per share, according to a Securities and Exchange Commission filing Friday. Trusts for various family members will sell a total of 1.556 million shares at prices ranging from $22 to $25 per share, depending on stipulations in each trust, according to the filing, which said the transactions' purpose was "in order to increase their liquidity."
The Dolans outlined the plan in a filing last month that said they hoped to sell about $5 million worth of stock per month for a year. Bear Stearns Cos. will handle the sales, which will begin next month.
Bethpage-based Cablevision's stock closed at $22.60 per share Thursday. In the past three months, its share price has fluctuated between $21.53 and $27.37, near its 52-week high of $27.70. Markets were closed Friday in observance of Good Friday.
"It's a routine estate transaction involving less than 3 percent of the estate's holdings," Cablevision spokesman Charles Schueler said. "It is for appropriate diversification."
Charles Dolan controls 37.9 million shares, and the Dolan family controls a majority of the company's voting shares.
Later this month, Cablevision is expected to file documents to spin off Voom, the satellite television service it launched in October, along with three of its TV networks, including AMC. The properties will be a separate company with its own stock and with Charles Dolan as chairman. His son, James Dolan, will take over as Cablevision chairman.
