Dolans’ Privatization Bid Rejected

NEW YORK, October 25: The Dolan family’s $10.6-billion
attempt to take Cablevisions Systems Corporation private has been rejected by
the company’s shareholders.

Charles Dolan, Cablevision’s chairman, and his son James L.
Dolan, chief executive, have been leading the charge to take the company
private. In May of this year they reached a deal with the company’s board,
offering investors $36.36 per share, a 34 percent premium on their initial
October 2006 offer. Shareholders voted against the deal yesterday, arguing that
the price offered is too low.

Cablevision’s assets include a New York-area cable platform;
Rainbow Media Holdings, an operator of a slate of cable networks; Madison
Square Garden; Radio City Music Hall and the New York Knicks basketball team. It
was founded by Charles F. Dolan almost 35 years ago.

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