Cablevision Shares Rise on News of Family Bid

BETHPAGE,
October 10: Following a proposed bid by the Dolan family to buy out Cablevision
Systems Corp. for $19.2 billion including debt, or $27 a share, the company’s
stock price shot up to $26.24 a share, rising over 10 percent in a single day
on heavy trading.

The
latest offer follows an earlier, failed bid, made last year by company founder
and chairman Charles Dolan. At the time Dolan said he intended to spin off
company assets, including its cable networks and sports teams.

Cablevision
has over 3 million basic cable subscribers and is controlled by Charles Dolan
and his son, CEO James Dolan, who have sometimes been at odds over the
company’s direction. It has aggressively marketed digital television as well as
broadband and telephone services to its customers, offering its triple-play
plan to customers for as little as $89 a month.