Report: Cablevision not planning on going private
During a shareholders’ meeting yesterday at company headquarters in Bethpage, N.Y., Cablevision Chairman Charles Dolan reiterated that the Dolan family isn’t mulling another attempt at taking the company private.
Dolan did say that Cablevision, the nation’s fifth-largest MSO, is considering the spin-off of its Madison Square Garden assets – which include the NBA’s New York Knicks, the NHL’s New York Rangers, the arena and other assets – as a separate public company, according to The Wall Street Journal.
Charles Dolan’s assurances yesterday followed suit on a previous statement by Cablevision CEO Jim Dolan in September (story here) that the Dolan family, which has a controlling interest in the company, wouldn’t attempt to take Cablevision private again.
The Dolan family tried the take the company private in 2007 by buying back shares for $36.26 per share, but shareholders rejected that offer during a vote at a special meeting.
Yesterday, various news outlets reported that Cablevision was moving forward this summer with its network DVR (story here) plans. The source for the news came from Bernstein Research senior analyst Craig Moffett.