The Dolan family’s $7.2 billion bid to take Cablevision private is off the table after months with little movement. Instead, the family, which owns roughly 20 percent of the company, is asking the board for a $3 billion special dividend payable to all shareholders. The letter to the board from Charles and Jimmy Dolan said “it has become clear that we will be unable to reach agreement with the Special Transaction Committee on the terms of our proposal” and noted an interim “decline in communications sector valuations and an increased competitive environment.” Short story: The Dolans want to unlock value. If going private isn’t an option, they want to company to reward shareholders with cash. In case you’re counting, that would mean at least $150 million roughly $700 million to the Dolans.
WSJ (sub. req.) | SEC filing
Related: Dolan Family Offers $7.9 Billion To Take Cablevision Private
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