source: http://www.nypost.com/business/40764.htm
DOLANS D-DAY IN CABLE DISPUTE (New York Post) 03.07.05
By PAUL THARP
New York Post
March 7, 2005 --
(New York Post) Facing new turmoil at its first meeting today, Cablevision's new board is expected to put up a united front in hopes of smoothing over a family feud before it morphs into a corporate shakeup.
Investors are concerned over the future of the cable TV and entertainment giant in the aftermath of a bitter public dispute that erupted between company chairman Chuck Dolan, 78, and his son and CEO Jimmy, 49.
Speculation mounted over the weekend that a management realignment could be disclosed as early as today in which Jimmy Dolan would step down as CEO to focus on other assets such as Madison Square Garden and Radio City Music Hall.
One source familiar with the company's crisis said the three big media tycoons now holding seats on the board — John Malone, Frank Biondi and Leonard Tow — could step in to take greater roles in handling the company's uncertain future.
"It's going to be a very interesting meeting," the source said.
A Cablevision spokesman said, "We don't comment on crazy speculation and anonymous quotes."
The dustup is happening at a time when the Jets organization is launching an attack on Cablevision over the latter's role in the future of the controversial West Side Stadium.
At a forum Friday, Jets President Jay Cross charged Madison Square Garden — which is campaigning against the stadium — has cornered the market for large-scale gatherings in Manhattan. Among its big price tags: a $120,000 rental bill for NYPD's graduating class.
Meanwhile, Cablevision's six independent directors, in a release late last week, accused Chuck Dolan of using unauthorized funds to continue operating Voom, the money-losing satellite service.
In a letter to the chairman, the directors said the elder Dolan violated the board's Feb. 28 decision to shut down Voom by unveiling a new Web site and continuing to take on new customers.
That accusation followed Wednesday's surprise move by chairman Chuck. Through ownership of class B super-voting charges which controls 75 percent of the vote, the patriarch announced that he had named four new directors to the company's board, setting the stage for today's showdown.
NEW YORK POST is a registered trademark of NYP Holdings, Inc. NYPOST.COM, NYPOSTONLINE.COM, and NEWYORKPOST.COM are trademarks of NYP Holdings, Inc. Copyright 2005 NYP Holdings, Inc. All rights reserved.
DOLANS D-DAY IN CABLE DISPUTE (New York Post) 03.07.05
By PAUL THARP
New York Post
March 7, 2005 --
(New York Post) Facing new turmoil at its first meeting today, Cablevision's new board is expected to put up a united front in hopes of smoothing over a family feud before it morphs into a corporate shakeup.
Investors are concerned over the future of the cable TV and entertainment giant in the aftermath of a bitter public dispute that erupted between company chairman Chuck Dolan, 78, and his son and CEO Jimmy, 49.
Speculation mounted over the weekend that a management realignment could be disclosed as early as today in which Jimmy Dolan would step down as CEO to focus on other assets such as Madison Square Garden and Radio City Music Hall.
One source familiar with the company's crisis said the three big media tycoons now holding seats on the board — John Malone, Frank Biondi and Leonard Tow — could step in to take greater roles in handling the company's uncertain future.
"It's going to be a very interesting meeting," the source said.
A Cablevision spokesman said, "We don't comment on crazy speculation and anonymous quotes."
The dustup is happening at a time when the Jets organization is launching an attack on Cablevision over the latter's role in the future of the controversial West Side Stadium.
At a forum Friday, Jets President Jay Cross charged Madison Square Garden — which is campaigning against the stadium — has cornered the market for large-scale gatherings in Manhattan. Among its big price tags: a $120,000 rental bill for NYPD's graduating class.
Meanwhile, Cablevision's six independent directors, in a release late last week, accused Chuck Dolan of using unauthorized funds to continue operating Voom, the money-losing satellite service.
In a letter to the chairman, the directors said the elder Dolan violated the board's Feb. 28 decision to shut down Voom by unveiling a new Web site and continuing to take on new customers.
That accusation followed Wednesday's surprise move by chairman Chuck. Through ownership of class B super-voting charges which controls 75 percent of the vote, the patriarch announced that he had named four new directors to the company's board, setting the stage for today's showdown.
NEW YORK POST is a registered trademark of NYP Holdings, Inc. NYPOST.COM, NYPOSTONLINE.COM, and NEWYORKPOST.COM are trademarks of NYP Holdings, Inc. Copyright 2005 NYP Holdings, Inc. All rights reserved.
