October 11, 2006

Dolan Family Group submits $7.9 billion bid to take private Cablevision Systems Corporation -- A deal with a total enterprise value of $19.2 billion.

On October 8, it was announced that the Dolan Family Group submitted a $7.9 billion bid to take private Cablevision Systems Corporation.   Cablevision’s Board of Directors subsequently appointed a Special Transaction Committee, represented by Willkie, to review the proposal.  The Dolans propose to acquire all of the outstanding shares of common stock of Cablevision, except for the shares held by the Dolan Family Group, at a purchase price of $27 per share in cash.   The deal values the company at $19.2 billion. Willkie has represented the Independent Committee of Cablevision's Board of Directors for several years.  The firm advised a previous Special Transaction Committee in the Dolans’ 2005 bid to take the company’s operations private and spin off its entertainment assets.  Cablevision is one of the nation's leading entertainment and telecommunications companies, serving three million households in the New York metropolitan area.   In addition to its telecommunications and programming businesses, Cablevision owns Madison Square Garden, three professional sports teams, Radio City Music Hall and Clearview Cinemas.  The Willkie team handling the matter includes Governor Mario Cuomo, Joseph Baio and Daniel Rubino. 

Joseph Baio
Joseph T. Baio Senior Counsel Investigations & Enforcement