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cablevision sells to dolans for $10 billion
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djsunyc
Posts: 44929
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Member: #536
5/2/2007  10:30 AM
Cablevision Sells To Dolans For $10 Billion
2nd May, 2007 - 10:30 am
NY Times -

Cablevision Systems Corporation, which owns Madison Square Garden, the New York Knicks and the New York Rangers, has announced a $10 billion deal to be purchased privately by the Dolan family, the public company's controlling shareholders.

This was the Dolans' third attempt to buy out Cablevision's stockholders in recent years, with the previous two attempts unsuccessful.

In a statement released Wednesday, Cablevision's board of directors announced that on the advice of a special committee of independent directors, the company had voted to accept the Dolans' offer of $36.26 per share. [READ]
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simrud
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USA
5/2/2007  11:06 AM
All hope is lost.
A glimmer of hope maybe?!?
SlimPack
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USA
5/2/2007  11:11 AM
I thought dolan already owned cablevision.
Andrew
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USA
5/2/2007  11:12 AM
A public company that is going to be private. I think that is the change here.
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Andrew
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USA
5/2/2007  11:14 AM
I think this means the Knicks don't have to disclose their buyout amounts now. I bet the Anucha case will be settled shortly after.
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nixluva
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USA
5/2/2007  11:15 AM
I wonder what their reasons are for wanting to do this? Does it make the entire operation easier to sell? Do they have the option to make the shares available again to the public? I'm not very knowledgeable in this field, so maybe someone can explain what the possible reasons could be for such a move?
djsunyc
Posts: 44929
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5/2/2007  11:24 AM
Public vs Private Companies
Center for Business Research

What is a public company?
A public company sells stock to the general public and the stock is traded on an exchange.

What is a private company?
A private company does not sell stock to the general public, and the stock is not traded on an exchange. In private firms, the stockholders are usually the principals in the company (e.g. founders, members of their families, key employees, etc.).

Why is it important to know whether a company is public or private?
When you know what type of company you have, the research process is much easier. There is a great deal of information available on public companies. Public companies are required to file specific reports with the U.S. Securities and Exchange Commission (SEC). The 10-K is the official annual report filed with the SEC each year. Companies must file their 10-K reports within 90 calendar days of the end of their fiscal year. For companies with a fiscal year-end of December 31st, reports must be available no later than April 1st.

Private Companies do not file with the SEC and have no obligation to make their financial information public. Therefore, sometimes there is almost no information available for a private company beyond its own web page or a brief directory listing. Such a listing may provide only contact information, number of employees, and lines of business. If a private company has been in the news, there is also the possibility of finding newspaper and magazine articles.
Masterplan
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5/2/2007  11:26 AM
guys this is a good thing. IT was actually the #1 public shareholder in cablevision. now the dolans can finally stand up to him and fire him.
cablevision sells to dolans for $10 billion

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