Dolan’s “Best and Final” Offer Rejected

BETHPAGE, January 17: The
Dolan Family Group’s renewed bid to take Cablevision Systems Corporation
private has failed, with the company’s board rejecting last week’s “best and
final” offer of $30 per share.

The special committee
convened to review the offer deemed it “inadequate”, noting that it does not
“represent fair value for the company's public shareholders nor does it
contemplate a transaction that is in their best interest.”

The letter from the
committee to Charles Dolan, Cablevision’s founder and chairman, and James
Dolan, CEO, went on to note: “The company continues to be the industry's
best-in-class operator across a range of operating and financial metrics, with
a leading presence in some of the country's most attractive markets. The
company is also well positioned to address the competitive challenges that
exist and to further capitalize on and benefit from its position in the
marketplace.”

The Dolans tried to take
the company private in October 2006 with a $27 per share offer. This followed
an attempt in October 2005, when the Dolans withdrew an offer that was also
deemed inadequate.