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Dolans Near Deal for Cablevision

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  • robtyska
    By Andrew Ross Sorkin The New York Times May 1, 2007 Cablevision Systems Corporation is near a deal to sell the company to its founding family, the Dolans, for
    Message 1 of 21 , May 1, 2007
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      By Andrew Ross Sorkin The New York Times May 1, 2007

      Cablevision Systems Corporation is near a deal to sell the company
      to its founding family, the Dolans, for about $10.5 billion in cash,
      according to people involved in the discussions.

      The board of Cablevision is currently meeting to finalize the deal,
      these people said. They warned, however, that it remained possible
      the deal could collapse or be postponed. If a deal is struck, an
      announcement could come within the next several hours, these people
      said.

      The deal, worth about $36 a share, would come after three earlier
      failed efforts by the Dolan family to buy out the public
      shareholders of Cablevision, which includes Madison Square Garden,
      Radio City Music Hall, the New York Knicks and the New York Rangers.

      The Dolans, a colorful dynasty based in Bethpage, N.Y., had made an
      offer to break the company in two and buy Cablevision's cable
      television assets in 2005. But they were forced to withdraw the
      offer before the board formally rejected it. The family, led by the
      founder, Charles F. Dolan, and his son James, then offered to buy
      the company for $27 a share last year and later sweetened the offer
      to $30 a share. That bid was formally rejected by the board after a
      bitter public battle.

      The latest buyout, if it goes through, will be an agreed deal.

      http://www.nytimes.com/2007/05/01/b...agewanted=print
    • cric9883@aol.com
      so if it goes through what will happen more channels or less Charles ************************************** See what s free at http://www.aol.com. [Non-text
      Message 2 of 21 , May 1, 2007
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        so if it goes through

        what will happen

        more channels

        or less

        Charles



        ************************************** See what's free at http://www.aol.com


        [Non-text portions of this message have been removed]
      • Jeff Martz
        Nothing will change as long as Dolan is in charge. From: cablevision_digital@yahoogroups.com [mailto:cablevision_digital@yahoogroups.com] On Behalf Of
        Message 3 of 21 , May 1, 2007
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          Nothing will change as long as Dolan is in charge.



          From: cablevision_digital@yahoogroups.com
          [mailto:cablevision_digital@yahoogroups.com] On Behalf Of cric9883@...
          Sent: Tuesday, May 01, 2007 10:11 PM
          To: cablevision_digital@yahoogroups.com
          Subject: Re: [cablevision_digital] Dolans Near Deal for Cablevision



          so if it goes through

          what will happen

          more channels

          or less

          Charles





          [Non-text portions of this message have been removed]
        • hartsdale1947
          Nothing will change? What about the mountain of new debt the company will have to pay off. How much free cash flow will now be available to ink new HD
          Message 4 of 21 , May 2, 2007
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            Nothing will change? What about the mountain of new debt the company
            will have to pay off. How much free cash flow will now be available
            to ink new HD carriage deals. As a subscriber, I would be far happier
            if they sold out to a real cable company like TW or Comcast. Verizon
            is looking better to me now by the minute.


            --- In cablevision_digital@yahoogroups.com, Jeff Martz
            <jeffmartz@...> wrote:
            >
            > Nothing will change as long as Dolan is in charge.
            >
            >
            >
            > From: cablevision_digital@yahoogroups.com
            > [mailto:cablevision_digital@yahoogroups.com] On Behalf Of
            cric9883@...
            > Sent: Tuesday, May 01, 2007 10:11 PM
            > To: cablevision_digital@yahoogroups.com
            > Subject: Re: [cablevision_digital] Dolans Near Deal for Cablevision
            >
            >
            >
            > so if it goes through
            >
            > what will happen
            >
            > more channels
            >
            > or less
            >
            > Charles
            >
            >
            >
            >
            >
            > [Non-text portions of this message have been removed]
            >
          • robtyska
            BY DANIEL WAGNER daniel.wagner@newsday.com May 2, 2007, 10:19 AM EDT For the family of Cablevision founder Charles Dolan, the third time is the charm. After
            Message 5 of 21 , May 2, 2007
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              BY DANIEL WAGNER
              daniel.wagner@...

              May 2, 2007, 10:19 AM EDT

              For the family of Cablevision founder Charles Dolan, the third time
              is the charm. After two false starts, an entity known as the Dolan
              Family Group has succeeded in its years-long effort to take
              Cablevision private.

              According to a company release Wednesday morning, Bethpage-based
              Cablevision Systems Corp. "has entered into a definitive merger
              agreement with an entity created by the Dolan Family Group," through
              which the founding family will buy back all outstanding shares for
              $36.26 per share in cash.

              That values the company, which provides cable television to 3.1
              million households in the New York area, at about $22 billion, the
              release said.

              The bid is 34 percent more than the Dolans' October offer of $27 per
              share, and 21 percent more than their January bid of $30 dollars per
              share.

              More important to outside stakeholders, the offer represents an 11
              percent premium over Tuesday's close of $32.67 -- already
              substantially higher than share values before the Dolans initiated
              the bidding process. Shares rose to $35.05 at 10 a.m. Wednesday.

              The transaction, which follows extensive negotiations, was approved
              by a special committee of independent company directors advised by a
              team of independent legal and financial advisors.

              But it still faces several hurdles: A majority of stockholders
              outside the Dolan group and Cablevision directors and executives must
              approve it, and there are regulatory approvals associated with the
              taking private of the media giant.

              In a statement attributed to top executives Charles and James Dolan
              on behalf of the Dolan Family Group, the release said, "We are very
              proud of the company's track record of delivering quality service and
              innovative products to our customers. We believe the best way to
              continue this tradition in today's increasingly competitive
              environment is as a privately held company. This new structure and
              entrepreneurial perspective will enable us to keep growing the
              business."

              The transaction will consist of a merger between Cablevision and a
              new, privately held company financed by a $2.1 billion contribution
              from the Dolan group and $15.5 billion in debt financing and
              refinancing of existing debt.

              The release said lawyers representing shareholders who had objected
              to the going-private transaction, which was proposed as early as
              2005, had "actively participated in the negotiations" on the current
              deal. The lawyers could not be reached for immediate comment.
              Copyright 2007 Newsday Inc.
            • Jeff Martz
              Innovative products. Yeah, I just spent the last 10 minutes rebooting my 4250HD because all the channels were missing this morning. Hardly innovative when a
              Message 6 of 21 , May 2, 2007
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                Innovative products. Yeah, I just spent the last 10 minutes rebooting my
                4250HD because all the channels were missing this morning. Hardly
                innovative when a cable box, in 2007 takes 10 minutes to reboot. Meanwhile,
                my DirecTV box which hasn't been used in 5 years, and has more features
                boots itself up in less than 15 seconds. I wish I could use the DirecTV box
                on Cablevision.





                From: cablevision_digital@yahoogroups.com
                [mailto:cablevision_digital@yahoogroups.com] On Behalf Of robtyska
                Sent: Wednesday, May 02, 2007 10:33 AM
                To: cablevision_digital@yahoogroups.com
                Subject: [cablevision_digital] Dolans will take Cablevision private



                BY DANIEL WAGNER
                daniel.wagner@... <mailto:daniel.wagner%40newsday.com>

                May 2, 2007, 10:19 AM EDT

                For the family of Cablevision founder Charles Dolan, the third time
                is the charm. After two false starts, an entity known as the Dolan
                Family Group has succeeded in its years-long effort to take
                Cablevision private.

                According to a company release Wednesday morning, Bethpage-based
                Cablevision Systems Corp. "has entered into a definitive merger
                agreement with an entity created by the Dolan Family Group," through
                which the founding family will buy back all outstanding shares for
                $36.26 per share in cash.

                That values the company, which provides cable television to 3.1
                million households in the New York area, at about $22 billion, the
                release said.

                The bid is 34 percent more than the Dolans' October offer of $27 per
                share, and 21 percent more than their January bid of $30 dollars per
                share.

                More important to outside stakeholders, the offer represents an 11
                percent premium over Tuesday's close of $32.67 -- already
                substantially higher than share values before the Dolans initiated
                the bidding process. Shares rose to $35.05 at 10 a.m. Wednesday.

                The transaction, which follows extensive negotiations, was approved
                by a special committee of independent company directors advised by a
                team of independent legal and financial advisors.

                But it still faces several hurdles: A majority of stockholders
                outside the Dolan group and Cablevision directors and executives must
                approve it, and there are regulatory approvals associated with the
                taking private of the media giant.

                In a statement attributed to top executives Charles and James Dolan
                on behalf of the Dolan Family Group, the release said, "We are very
                proud of the company's track record of delivering quality service and
                innovative products to our customers. We believe the best way to
                continue this tradition in today's increasingly competitive
                environment is as a privately held company. This new structure and
                entrepreneurial perspective will enable us to keep growing the
                business."

                The transaction will consist of a merger between Cablevision and a
                new, privately held company financed by a $2.1 billion contribution
                from the Dolan group and $15.5 billion in debt financing and
                refinancing of existing debt.

                The release said lawyers representing shareholders who had objected
                to the going-private transaction, which was proposed as early as
                2005, had "actively participated in the negotiations" on the current
                deal. The lawyers could not be reached for immediate comment.
                Copyright 2007 Newsday Inc.





                [Non-text portions of this message have been removed]
              • m_luper
                It isn t a done deal yet...I hear Time Warner might be sniffing around again... I cringe when I think about being a Time Warner sub. ... rebooting my ...
                Message 7 of 21 , May 2, 2007
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                  It isn't a done deal yet...I hear Time Warner might be sniffing
                  around again...

                  I cringe when I think about being a Time Warner sub.


                  --- In cablevision_digital@yahoogroups.com, Jeff Martz
                  <jeffmartz@...> wrote:
                  >
                  > Innovative products. Yeah, I just spent the last 10 minutes
                  rebooting my
                  > 4250HD because all the channels were missing this morning. Hardly
                  > innovative when a cable box, in 2007 takes 10 minutes to reboot.
                  Meanwhile,
                  > my DirecTV box which hasn't been used in 5 years, and has more
                  features
                  > boots itself up in less than 15 seconds. I wish I could use the
                  DirecTV box
                  > on Cablevision.
                  >
                  >
                  >
                  >
                  >
                  > From: cablevision_digital@yahoogroups.com
                  > [mailto:cablevision_digital@yahoogroups.com] On Behalf Of robtyska
                  > Sent: Wednesday, May 02, 2007 10:33 AM
                  > To: cablevision_digital@yahoogroups.com
                  > Subject: [cablevision_digital] Dolans will take Cablevision private
                  >
                  >
                  >
                  > BY DANIEL WAGNER
                  > daniel.wagner@... <mailto:daniel.wagner%40newsday.com>
                  >
                  > May 2, 2007, 10:19 AM EDT
                  >
                  > For the family of Cablevision founder Charles Dolan, the third time
                  > is the charm. After two false starts, an entity known as the Dolan
                  > Family Group has succeeded in its years-long effort to take
                  > Cablevision private.
                  >
                  > According to a company release Wednesday morning, Bethpage-based
                  > Cablevision Systems Corp. "has entered into a definitive merger
                  > agreement with an entity created by the Dolan Family Group,"
                  through
                  > which the founding family will buy back all outstanding shares for
                  > $36.26 per share in cash.
                  >
                  > That values the company, which provides cable television to 3.1
                  > million households in the New York area, at about $22 billion, the
                  > release said.
                  >
                  > The bid is 34 percent more than the Dolans' October offer of $27
                  per
                  > share, and 21 percent more than their January bid of $30 dollars
                  per
                  > share.
                  >
                  > More important to outside stakeholders, the offer represents an 11
                  > percent premium over Tuesday's close of $32.67 -- already
                  > substantially higher than share values before the Dolans initiated
                  > the bidding process. Shares rose to $35.05 at 10 a.m. Wednesday.
                  >
                  > The transaction, which follows extensive negotiations, was approved
                  > by a special committee of independent company directors advised by
                  a
                  > team of independent legal and financial advisors.
                  >
                  > But it still faces several hurdles: A majority of stockholders
                  > outside the Dolan group and Cablevision directors and executives
                  must
                  > approve it, and there are regulatory approvals associated with the
                  > taking private of the media giant.
                  >
                  > In a statement attributed to top executives Charles and James Dolan
                  > on behalf of the Dolan Family Group, the release said, "We are very
                  > proud of the company's track record of delivering quality service
                  and
                  > innovative products to our customers. We believe the best way to
                  > continue this tradition in today's increasingly competitive
                  > environment is as a privately held company. This new structure and
                  > entrepreneurial perspective will enable us to keep growing the
                  > business."
                  >
                  > The transaction will consist of a merger between Cablevision and a
                  > new, privately held company financed by a $2.1 billion contribution
                  > from the Dolan group and $15.5 billion in debt financing and
                  > refinancing of existing debt.
                  >
                  > The release said lawyers representing shareholders who had objected
                  > to the going-private transaction, which was proposed as early as
                  > 2005, had "actively participated in the negotiations" on the
                  current
                  > deal. The lawyers could not be reached for immediate comment.
                  > Copyright 2007 Newsday Inc.
                  >
                  >
                  >
                  >
                  >
                  > [Non-text portions of this message have been removed]
                  >
                • cric9883@aol.com
                  now if time warner buys cablevision will we see the channels that time warner has will we get those channels Charles ************************************** See
                  Message 8 of 21 , May 2, 2007
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                    now
                    if time warner buys cablevision

                    will we see the channels that time warner has

                    will we get those channels

                    Charles



                    ************************************** See what's free at http://www.aol.com


                    [Non-text portions of this message have been removed]
                  • Jeff Martz
                    I don t think TimeWarner will go near cablevision. It s bleeding customers right now because the current owners aren t giving customers what they want, not
                    Message 9 of 21 , May 2, 2007
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                      I don't think TimeWarner will go near cablevision. It's bleeding customers
                      right now because the current owners aren't giving customers what they want,
                      not only that, but FIOS is specifically targeting Cablevision. Why would
                      TimeWarner or Comcast want to inherit a company that is being targeted by a
                      company that has extremely deep pockets?



                      From: cablevision_digital@yahoogroups.com
                      [mailto:cablevision_digital@yahoogroups.com] On Behalf Of cric9883@...
                      Sent: Wednesday, May 02, 2007 12:57 PM
                      To: cablevision_digital@yahoogroups.com
                      Subject: Re: [cablevision_digital] Re: Dolans will take Cablevision private



                      now
                      if time warner buys cablevision

                      will we see the channels that time warner has

                      will we get those channels

                      Charles

                      ************************************** See what's free at
                      http://www.aol.com

                      [Non-text portions of this message have been removed]





                      [Non-text portions of this message have been removed]
                    • corvette_kid1
                      ... wrote: It isn t a done deal yet...I hear Time Warner might be sniffing around again... Dual-voting shares insures the Dolans win. Time Warner cannot get
                      Message 10 of 21 , May 2, 2007
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                        --- In cablevision_digital@yahoogroups.com, "m_luper" <m_luper@...>
                        wrote:"It isn't a done deal yet...I hear Time Warner might be sniffing
                        around again..."

                        Dual-voting shares insures the Dolans win. Time Warner cannot get CVC,
                        except in an auction which this is NOT.
                      • M K
                        Strange logic Jeff, Do you think Dolans are spending $10B on a dead horse? Do you think somebody will lend them the rest of $10B if this is a dead horse? Do
                        Message 11 of 21 , May 2, 2007
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                          Strange logic Jeff,

                          Do you think Dolans are spending $10B on a dead horse?

                          Do you think somebody will lend them the rest of $10B if this is a dead horse?

                          Do you think that TW and Comcast have a magic immunity from FIOS in their areas?



                          ----- Original Message ----
                          From: Jeff Martz <jeffmartz@...>
                          To: cablevision_digital@yahoogroups.com
                          Sent: Wednesday, May 2, 2007 2:06:46 PM
                          Subject: RE: [cablevision_digital] Re: Dolans will take Cablevision private













                          I don't think TimeWarner will go near cablevision. It's bleeding customers

                          right now because the current owners aren't giving customers what they want,

                          not only that, but FIOS is specifically targeting Cablevision. Why would

                          TimeWarner or Comcast want to inherit a company that is being targeted by a

                          company that has extremely deep pockets?



                          From: cablevision_ digital@yahoogro ups.com

                          [mailto:cablevision_ digital@yahoogro ups.com] On Behalf Of cric9883@aol. com

                          Sent: Wednesday, May 02, 2007 12:57 PM

                          To: cablevision_ digital@yahoogro ups.com

                          Subject: Re: [cablevision_ digital] Re: Dolans will take Cablevision private



                          now

                          if time warner buys cablevision



                          will we see the channels that time warner has



                          will we get those channels



                          Charles



                          ************ ********* ********* ******** See what's free at

                          http://www.aol com.



                          [Non-text portions of this message have been removed]



                          [Non-text portions of this message have been removed]














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                          [Non-text portions of this message have been removed]
                        • m_luper
                          You can say a lot of things about the Dolans. One thing for sure is that they (and other management) are pretty savvy cable operators. Some of their other
                          Message 12 of 21 , May 2, 2007
                          • 0 Attachment
                            You can say a lot of things about the Dolans. One thing for sure is
                            that they (and other management) are pretty savvy cable operators.
                            Some of their other businesses did not do as well (or were total
                            flops), but their cable operation is very well respected in the
                            industry. Cablevision's revenue per household is among the highest
                            in the industry, and their broadband/voice penetration is outstanding.

                            FiOS, while perhaps a good service, is not setting the world on fire
                            like the press releases, commercials or fanboys would want you to
                            believe. Remember, we are talking about Verizon here. Over time,
                            FiOS will become a viable competitor to cable, and the "competition"
                            should benefit the consumer (from a technology standpoint)...but
                            don't look for your bill to drop anytime soon!

                            If it goes private, I could see it getting sold to TW or Comcast in
                            relatively short order for a decent premium.


                            --- In cablevision_digital@yahoogroups.com, M K <mhkraml@...> wrote:
                            >
                            > Strange logic Jeff,
                            >
                            > Do you think Dolans are spending $10B on a dead horse?
                            >
                            > Do you think somebody will lend them the rest of $10B if this is a
                            dead horse?
                            >
                            > Do you think that TW and Comcast have a magic immunity from FIOS in
                            their areas?
                            >
                            >
                            >
                            > ----- Original Message ----
                            > From: Jeff Martz <jeffmartz@...>
                            > To: cablevision_digital@yahoogroups.com
                            > Sent: Wednesday, May 2, 2007 2:06:46 PM
                            > Subject: RE: [cablevision_digital] Re: Dolans will take Cablevision
                            private

                            >
                            > I don't think TimeWarner will go near cablevision.
                            It's bleeding customers
                            >
                            > right now because the current owners aren't giving customers what
                            they want,
                            >
                            > not only that, but FIOS is specifically targeting Cablevision. Why
                            would
                            >
                            > TimeWarner or Comcast want to inherit a company that is being
                            targeted by a
                            >
                            > company that has extremely deep pockets?
                            >
                          • m_luper
                            TW is posturing right now. The board is under tremendous pressure to get this right . If they don t, the class action shareholder lawsuits will come out of
                            Message 13 of 21 , May 2, 2007
                            • 0 Attachment
                              TW is posturing right now. The board is under tremendous pressure
                              to "get this right". If they don't, the class action shareholder
                              lawsuits will come out of the woodwork. They can try to get it now, or
                              they will probably buy it from Dolan later for more $$.


                              --- In cablevision_digital@yahoogroups.com, "corvette_kid1"
                              <corvettekid1969@...> wrote:
                              >
                              > --- In cablevision_digital@yahoogroups.com, "m_luper" <m_luper@>
                              > wrote:"It isn't a done deal yet...I hear Time Warner might be
                              sniffing
                              > around again..."
                              >
                              > Dual-voting shares insures the Dolans win. Time Warner cannot get
                              CVC,
                              > except in an auction which this is NOT.
                              >
                            • Jeff Martz
                              Of course they have high penetration. when you are a smaller company, you get higher numbers faster. Comcast and TimeWarner are national carriers so the
                              Message 14 of 21 , May 2, 2007
                              • 0 Attachment
                                Of course they have high penetration. when you are a smaller company, you
                                get higher numbers faster. Comcast and TimeWarner are national carriers so
                                the penetration percentages are naturally going to be lower.





                                From: cablevision_digital@yahoogroups.com
                                [mailto:cablevision_digital@yahoogroups.com] On Behalf Of m_luper
                                Sent: Wednesday, May 02, 2007 3:51 PM
                                To: cablevision_digital@yahoogroups.com
                                Subject: [cablevision_digital] Re: Dolans will take Cablevision private



                                You can say a lot of things about the Dolans. One thing for sure is
                                that they (and other management) are pretty savvy cable operators.
                                Some of their other businesses did not do as well (or were total
                                flops), but their cable operation is very well respected in the
                                industry. Cablevision's revenue per household is among the highest
                                in the industry, and their broadband/voice penetration is outstanding.

                                FiOS, while perhaps a good service, is not setting the world on fire
                                like the press releases, commercials or fanboys would want you to
                                believe. Remember, we are talking about Verizon here. Over time,
                                FiOS will become a viable competitor to cable, and the "competition"
                                should benefit the consumer (from a technology standpoint)...but
                                don't look for your bill to drop anytime soon!

                                If it goes private, I could see it getting sold to TW or Comcast in
                                relatively short order for a decent premium.

                                --- In cablevision_digital@yahoogroups.com
                                <mailto:cablevision_digital%40yahoogroups.com> , M K <mhkraml@...> wrote:
                                >
                                > Strange logic Jeff,
                                >
                                > Do you think Dolans are spending $10B on a dead horse?
                                >
                                > Do you think somebody will lend them the rest of $10B if this is a
                                dead horse?
                                >
                                > Do you think that TW and Comcast have a magic immunity from FIOS in
                                their areas?
                                >
                                >
                                >
                                > ----- Original Message ----
                                > From: Jeff Martz <jeffmartz@...>
                                > To: cablevision_digital@yahoogroups.com
                                <mailto:cablevision_digital%40yahoogroups.com>
                                > Sent: Wednesday, May 2, 2007 2:06:46 PM
                                > Subject: RE: [cablevision_digital] Re: Dolans will take Cablevision
                                private

                                >
                                > I don't think TimeWarner will go near cablevision.
                                It's bleeding customers
                                >
                                > right now because the current owners aren't giving customers what
                                they want,
                                >
                                > not only that, but FIOS is specifically targeting Cablevision. Why
                                would
                                >
                                > TimeWarner or Comcast want to inherit a company that is being
                                targeted by a
                                >
                                > company that has extremely deep pockets?
                                >





                                [Non-text portions of this message have been removed]
                              • comfortably numb
                                No way this cash cow is being sold anytime soon - check back in 2-3 years - maybe m_luper wrote: TW is posturing right now. The
                                Message 15 of 21 , May 2, 2007
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                                  No way this cash cow is being sold anytime soon - check back in 2-3 years - maybe

                                  m_luper <m_luper@...> wrote: TW is posturing right now. The board is under tremendous pressure
                                  to "get this right". If they don't, the class action shareholder
                                  lawsuits will come out of the woodwork. They can try to get it now, or
                                  they will probably buy it from Dolan later for more $$.

                                  --- In cablevision_digital@yahoogroups.com, "corvette_kid1"
                                  <corvettekid1969@...> wrote:
                                  >
                                  > --- In cablevision_digital@yahoogroups.com, "m_luper" <m_luper@>
                                  > wrote:"It isn't a done deal yet...I hear Time Warner might be
                                  sniffing
                                  > around again..."
                                  >
                                  > Dual-voting shares insures the Dolans win. Time Warner cannot get
                                  CVC,
                                  > except in an auction which this is NOT.
                                  >






                                  ---------------------------------
                                  Ahhh...imagining that irresistible "new car" smell?
                                  Check outnew cars at Yahoo! Autos.

                                  [Non-text portions of this message have been removed]
                                • m_luper
                                  I am not sure I understand your point. What does company size have anything to do with this? ... company, you ... carriers so ... private ... outstanding. ...
                                  Message 16 of 21 , May 2, 2007
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                                    I am not sure I understand your point. What does company size have
                                    anything to do with this?


                                    --- In cablevision_digital@yahoogroups.com, Jeff Martz
                                    <jeffmartz@...> wrote:
                                    >
                                    > Of course they have high penetration. when you are a smaller
                                    company, you
                                    > get higher numbers faster. Comcast and TimeWarner are national
                                    carriers so
                                    > the penetration percentages are naturally going to be lower.

                                    >
                                    > From: cablevision_digital@yahoogroups.com
                                    > [mailto:cablevision_digital@yahoogroups.com] On Behalf Of m_luper
                                    > Sent: Wednesday, May 02, 2007 3:51 PM
                                    > To: cablevision_digital@yahoogroups.com
                                    > Subject: [cablevision_digital] Re: Dolans will take Cablevision
                                    private
                                    >
                                    >
                                    >
                                    > You can say a lot of things about the Dolans. One thing for sure is
                                    > that they (and other management) are pretty savvy cable operators.
                                    > Some of their other businesses did not do as well (or were total
                                    > flops), but their cable operation is very well respected in the
                                    > industry. Cablevision's revenue per household is among the highest
                                    > in the industry, and their broadband/voice penetration is
                                    outstanding.
                                    >
                                    > FiOS, while perhaps a good service, is not setting the world on
                                    fire
                                    > like the press releases, commercials or fanboys would want you to
                                    > believe. Remember, we are talking about Verizon here. Over time,
                                    > FiOS will become a viable competitor to cable, and
                                    the "competition"
                                    > should benefit the consumer (from a technology standpoint)...but
                                    > don't look for your bill to drop anytime soon!
                                    >
                                    > If it goes private, I could see it getting sold to TW or Comcast in
                                    > relatively short order for a decent premium.
                                    >
                                    > --- In cablevision_digital@yahoogroups.com
                                    > <mailto:cablevision_digital%40yahoogroups.com> , M K <mhkraml@>
                                    wrote:
                                    > >
                                    > > Strange logic Jeff,
                                    > >
                                    > > Do you think Dolans are spending $10B on a dead horse?
                                    > >
                                    > > Do you think somebody will lend them the rest of $10B if this is
                                    a
                                    > dead horse?
                                    > >
                                    > > Do you think that TW and Comcast have a magic immunity from FIOS
                                    in
                                    > their areas?
                                    > >
                                  • mlandau22000
                                    If they go private, things are likely to get worse. They will work to suck every dollar out. Also, Corvettekid, I think they need a majority approval of the
                                    Message 17 of 21 , May 2, 2007
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                                      If they go private, things are likely to get worse. They will work
                                      to suck every dollar out. Also, Corvettekid, I think they need a
                                      majority approval of the non-Dolan owned shares. That is why it
                                      didn't get done last time. We'll see if Mario G. really believs the
                                      shares are worth a lot more than 36. He controls 8% of the shares
                                      that will decide.

                                      -- In cablevision_digital@yahoogroups.com, comfortably numb
                                      <cnumb516@...> wrote:
                                      >
                                      > No way this cash cow is being sold anytime soon - check back in 2-3
                                      years - maybe
                                      >
                                      > m_luper <m_luper@...> wrote: TW is posturing right now.
                                      The board is under tremendous pressure
                                      > to "get this right". If they don't, the class action shareholder
                                      > lawsuits will come out of the woodwork. They can try to get it now,
                                      or
                                      > they will probably buy it from Dolan later for more $$.
                                      >
                                      > --- In cablevision_digital@yahoogroups.com, "corvette_kid1"
                                      > <corvettekid1969@> wrote:
                                      > >
                                      > > --- In cablevision_digital@yahoogroups.com, "m_luper" <m_luper@>
                                      > > wrote:"It isn't a done deal yet...I hear Time Warner might be
                                      > sniffing
                                      > > around again..."
                                      > >
                                      > > Dual-voting shares insures the Dolans win. Time Warner cannot get
                                      > CVC,
                                      > > except in an auction which this is NOT.
                                      > >
                                      >
                                      >
                                      >
                                      >
                                      >
                                      >
                                      > ---------------------------------
                                      > Ahhh...imagining that irresistible "new car" smell?
                                      > Check outnew cars at Yahoo! Autos.
                                      >
                                      > [Non-text portions of this message have been removed]
                                      >
                                    • m_luper
                                      Sounds like Gabelli is not too happy with this deal...he thinks CVC is worth around $51 a share. Getting interesting... From Reuters... Cablevision
                                      Message 18 of 21 , May 3, 2007
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                                        Sounds like Gabelli is not too happy with this deal...he thinks CVC
                                        is worth around $51 a share. Getting interesting...

                                        From Reuters...

                                        Cablevision shareholder considers U.S. court route
                                        Thu May 3, 2007 7:37 PM ET

                                        By Megan Davies

                                        NEW YORK, May 3 (Reuters) - Cablevision Systems Corp. <CVC.N>
                                        shareholder Gamco Investors Inc. <GBL.N> is weighing whether to ask a
                                        court to determine a fair value for the cable company, as it believes
                                        Cablevision is worth significantly more than a $10.6 billion offer on
                                        the table.

                                        The New York-area cable operator and entertainment group, which is
                                        incorporated in Delaware, agreed on Wednesday to be taken private in
                                        a $36.26-a-share bid from the Dolan family. The Dolans own 20 percent
                                        of the company's common stock and have 70 percent of the voting power.

                                        Asset manager Mario Gabelli, whose Gamco Investors holds 20 million
                                        Cablevision shares on behalf of its clients, said the offer
                                        undervalues Cablevision's assets by $15 a share. That would mean he
                                        values the assets at more than $51 a share, or about $15 billion. To
                                        read this story click [nN03259608].

                                        Gabelli told Reuters he was considering electing "dissenter rights"
                                        under which a court would be asked to determine what it considers to
                                        be a fair price for the company.

                                        He added he was "not sure we want to go that route" but had "lawyers
                                        lined up already."

                                        Under terms of the Cablevision takeover pact, the deal can be called
                                        off by the purchasers, the Dolans, if the total number of dissenting
                                        shares exceeds 10 percent of its outstanding Class A shares.

                                        In certain transactions under Delaware law, shareholders can dissent
                                        from accepting an offer, and request a judge to determine the value
                                        of the shares, a securities lawyer who declined to be named told
                                        Reuters.

                                        That value, determined by the judge, would then be paid to the
                                        shareholder, rather than the offer price.

                                        As this process can take a long time, a buyer of a company may not
                                        want to close a deal without knowing how much they will be liable to
                                        pay to such shareholders, the lawyer said.

                                        Sometimes in deals where such rights exist, a buyer will not want to
                                        close on a deal if a significant number of the shareholders go this
                                        route, as they have no way of knowing how much they will be liable to
                                        pay.

                                        Gabelli cited another case where his fund had pursued this route --
                                        the 2001 takeover of health care and consumer products maker Carter-
                                        Wallace Inc.

                                        Gamco said in a 2004 press release its clients got $29 per share of
                                        settlement proceeds after going to court to request another valuation
                                        of the deal. That was 40 percent more than the $20.44 Carter-Wallace
                                        was sold for.

                                        Gabelli told Reuters he was examining all alternatives and had not
                                        yet decided how to vote on the takeover deal.

                                        Cablevision and a representative for the Dolans declined comment.


                                        --- In cablevision_digital@yahoogroups.com, "mlandau22000"
                                        <landau@...> wrote:
                                        >
                                        > If they go private, things are likely to get worse. They will work
                                        > to suck every dollar out. Also, Corvettekid, I think they need a
                                        > majority approval of the non-Dolan owned shares. That is why it
                                        > didn't get done last time. We'll see if Mario G. really believs
                                        the
                                        > shares are worth a lot more than 36. He controls 8% of the shares
                                        > that will decide.
                                        >
                                        > -- In cablevision_digital@yahoogroups.com, comfortably numb
                                        > <cnumb516@> wrote:
                                        > >
                                        > > No way this cash cow is being sold anytime soon - check back in 2-
                                        3
                                        > years - maybe
                                        > >
                                        > > m_luper <m_luper@> wrote: TW is posturing right now.
                                        > The board is under tremendous pressure
                                        > > to "get this right". If they don't, the class action shareholder
                                        > > lawsuits will come out of the woodwork. They can try to get it
                                        now,
                                        > or
                                        > > they will probably buy it from Dolan later for more $$.
                                        > >
                                        > > --- In cablevision_digital@yahoogroups.com, "corvette_kid1"
                                        > > <corvettekid1969@> wrote:
                                        > > >
                                        > > > --- In cablevision_digital@yahoogroups.com, "m_luper"
                                        <m_luper@>
                                        > > > wrote:"It isn't a done deal yet...I hear Time Warner might be
                                        > > sniffing
                                        > > > around again..."
                                        > > >
                                        > > > Dual-voting shares insures the Dolans win. Time Warner cannot
                                        get
                                        > > CVC,
                                        > > > except in an auction which this is NOT.
                                      • corvette_kid1
                                        m_luper wrote Sounds like Gabelli is not too happy with this deal...he thinks CVC is worth around $51 a share. Getting interesting... Exactly what I told
                                        Message 19 of 21 , May 4, 2007
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                                          "m_luper" wrote "Sounds like Gabelli is not too happy with this
                                          deal...he thinks CVC is worth around $51 a share. Getting
                                          interesting..."

                                          Exactly what I told this group 24 hours earlier !!

                                          We have movers and shakers on this board, see??!!
                                        • corvette_kid1
                                          Now Pali Research and Sanford Bernstein are saying the deal is too low and if shareholders wait a year they may get $50. I told you guys this thing was worth
                                          Message 20 of 21 , May 4, 2007
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                                            Now Pali Research and Sanford Bernstein are saying the deal is too low
                                            and if shareholders wait a year they may get $50.

                                            I told you guys this thing was worth $50...if it was worth $36, why
                                            would the Dolan's bid that amount?
                                          • corvette_kid1
                                            Here s what they are saying; note the focus on the explosion in free cash flow (which I think is UNDERSTATED since I think Radio City, the Knicks, and Rangers
                                            Message 21 of 21 , May 4, 2007
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                                              Here's what they are saying; note the focus on the explosion in free
                                              cash flow (which I think is UNDERSTATED since I think Radio City, the
                                              Knicks, and Rangers will have an extra $50 MM the next 2-4 years as
                                              the Knicks and Rangers payrolls decline bigtime):

                                              "Well, maybe that offer from the Dolans to take Cablevision (CVC)
                                              private is going to have some problems. Earlier, I posted about a
                                              note from Bernstein Research analyst Craig Moffett, who opined that
                                              the $36.26 a share bid was too low. Now Pali Research analyst Richard
                                              Greenfield has weighed in - and he advises investors that that "must
                                              vote against" the current offer.

                                              Greenfield today, in fact, raised his price target on the stock to
                                              $50. Like Moffett, he says the company's own results today provide
                                              the evidence that the bid is too low. "Given that Cablevision's
                                              Special Committee of Independent Directors rolled over yesterday and
                                              gave in to the latest Dolan offer (despite having better knowledge of
                                              the strong free cash flow trends that CVC exhibited in Q1 results
                                              thing morning) we believe investors have been left no choice and must
                                              vote against the $36.62 Dolan offer to maximize the value of their
                                              CVC holdings."

                                              Greenfield today raised his outlook for 2007 free cash flow to $405
                                              million from $313 million, with his `08 estimate going to $764
                                              million from $706 million. Greenfield is in sync with Moffett about
                                              what is going on here: the company is gushing cash, and the Dolans
                                              want to grab it for themselves. "The strength of CVC's revenue and
                                              EBITDA growth in the face of rising competition (from Verizon),
                                              combined with substantial declines in capital expenditures are the
                                              reason why the Dolans are trying to go private," he writes. "The
                                              Dolans want to harvest CVC's free cash flow for their own personal
                                              benefit, while enabling themselves to capture 100% of the profits
                                              from an eventual sale to Time Warner (TWC)."

                                              Greenfield thinks the Dolans will be able to pay $50 a share for the
                                              company one year from now - a potential 37% return. Ergo, he
                                              contends "public shareholders must vote against the Dolan offer." At
                                              $50, he says, the company would trade for 19x `08 estimated free cash
                                              flow."

                                              Adds Greenfield: "The longer you make Chuck and Jim [Dolan] wait, the
                                              more money you make." He thinks there is more money to me made in the
                                              stock, and reiterated his Buy rating."
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