The Dolan family that controls Cablevision Systems Corp said on Monday it offered to take the US cable operator private in a $7.9 billion deal that would also spin off its cable networks and sports team businesses.
Cablevision shareholders would get $21 a share in cash plus shares in Rainbow Media, which includes: American Movie Classics, Independent Film Channel, Women's Entertainment channel as well as five regional sports networks, the New York Knicks basketball team, the New York Rangers hockey, among other assets, according to a press release.
Assuming a value of $12.50 a share for the Rainbow Media assets, the company said the total value of the offer of $33.50 a share, which represents almost a 25 percent premium over Friday's closing price and 6 percent premium over its 52-week high.

Copyright Reuters, 2005

Comments

Comments are closed.