Dolans Make $7.9 Billion Buyout Offer for Cablevision

摘要

A group led by senior executives of Cablevision Systems Corp. has offered to buy the company's cable and telecom service units and spin off its extensive programming and sports-related assets to shareholders in a deal valued at $33.50 per share, or a total of $7.9 billion. Terms of the proposal call for the purchase of the cable and telecom assets for $21 per share in cash. The cable assets — which served 2.9 million basic cable customers, 1.6 million digital cable customers, 1.4 million high-speed data customers, and 364,000 voice service customers as of March 31 — chalked up first quarter revenue growth of 15% on a year-over-year basis, to $813.5 million, with a 29% jump in operating profit, to $120.5 million.