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BRIGGS
Posts: 53275 Alba Posts: 7 Joined: 7/30/2002 Member: #303 |
9/17/2015 12:40 AM
35$ a share.
RIP Crushalot😞
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GustavBahler
Posts: 42864 Alba Posts: 15 Joined: 7/12/2010 Member: #3186 |
9/17/2015 1:03 AM
I hope Dolan doesn't take MSG private next.
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holfresh
Posts: 38679 Alba Posts: 0 Joined: 1/14/2006 Member: #1081 |
9/17/2015 10:02 AM
Not a surprise..Dolan has been trying to see Cablevision for a while..
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franco12
Posts: 34069 Alba Posts: 4 Joined: 2/19/2004 Member: #599 USA |
9/17/2015 12:49 PM
I'm glad I didn't switch back to cablevision:
http://www.nytimes.com/2015/09/18/business/dealbook/altices-low-risk-17-7-billion-deal.html Looks like they will cut costs out- and what I always liked about Cablevision was their level of service and access. |
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mreinman
Posts: 37827 Alba Posts: 1 Joined: 7/14/2010 Member: #3189 |
9/17/2015 2:00 PM
BRIGGS wrote:35$ a share. link? so here is what phil is thinking ....
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franco12
Posts: 34069 Alba Posts: 4 Joined: 2/19/2004 Member: #599 USA |
9/18/2015 7:46 AM
mreinman wrote:BRIGGS wrote:35$ a share. Surely you have heard of google? http://adage.com/article/media/billionaire-drahi-buy-cablevision-17-7-billion-deal/300415/ I was curious to see if Newsday was part of the deal - seems they are - I can well imagine in a few years they will cut staff, just like what happened at the Daily News. |
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holfresh
Posts: 38679 Alba Posts: 0 Joined: 1/14/2006 Member: #1081 |
9/18/2015 10:59 AM
http://www.nytimes.com/2015/09/18/business/dealbook/the-dolans-the-clan-that-built-the-cablevision-empire-say-goodbye.html?ref=business&_r=0
The Dolans, the Clan That Built the Cablevision Empire, Say Goodbye Starting with 1,500 subscribers on Long Island more than 40 years ago, the Dolan family built one of America’s cable fortunes. But the Dolans also became the family that New Yorkers often loved to hate: the Dolans, whose Knicks frustrated fans over several fallow decades and whose company engaged in bitter fights with networks that led to blackouts and threatened to keep programming like the Oscars and the World Series out of its customers’ reach. Now the fractious, persistent clan that has loomed large over New York City and Long Island for decades is bidding goodbye to the company that caused so much angst, and that made the family rich. On Thursday the Dolans agreed to sell Cablevision, the cable television empire that Charles F. Dolan started 42 years ago, to Altice, a European media company, for $17 billion, including debt. The family sounded almost wistful about the sale. “Since Charles Dolan founded Cablevision in 1973, the Dolan family has been honored to help shepherd our customers and employees through the most extraordinary communications revolution in modern history,” James L. Dolan, the company’s chief executive and Charles Dolan’s son, said in a statement. “Now, nearly half a century later, the time is right for new ownership of Cablevision and its considerable assets.” Every weekday, twice a day, get the news driving the markets and the latest on mergers and acquisitions. Thursday’s sale is a high point in the history of the Dolans, a Midwestern family that moved to New York in the 1950s and established itself as a pioneer in the cable industry. In a city of dynasties, the Dolans stood out for combativeness, willing to fight with the city, with the media companies whose content flows through their cable network — and sometimes with one another. The family is leaving with a hefty payout: The sale to Altice values the Dolans’ collective stake in Cablevision at about $2.2 billion. With three million customers in the Northeast, Cablevision was never one of the titans of the cable industry. And it has never been particularly loved, earning a mediocre customer satisfaction score in a survey last year. But it has been the source of cable television and the Internet for millions in the tristate area for years. The Dolans certainly are not going away. They still control the Knicks and the Rangers, as well as Madison Square Garden. And they also control AMC Networks, the home of “The Walking Dead” and other successful shows. The Dolans’ rise began with Charles Dolan, a Cleveland native who made his way to New York at 26 and founded Teleguide, an information service for hotels. Six years later he started Sterling Manhattan Cable, becoming the first person to wire buildings for cable television access. (In 1971, he founded Home Box Office, which he sold to Time Life.) Two years after starting the company, the elder Dolan sold Sterling Cable’s Manhattan operations to Time Inc. and focused on his 50 miles worth of Long Island assets, renaming them Cablevision Systems. From their stronghold in Bethpage, the Dolans have presided over rises and falls in Cablevision’s fortunes. Once its kingdom stretched over 19 states, though it now focuses on suburban New York. Along the way, the Dolans picked up prized assets like Madison Square Garden and the teams that play in the arena, as well as Newsday, Long Island’s newspaper. In 1995, Charles Dolan handed the reins of the company to James, an unabashedly brash corporate executive, occasional rock singer and avid sailor. Cablevision waged bitter battles against content providers like Disney and Fox. In a fight with ABC in 2010, Cablevision aired ads asking whether its subscribers wanted to prop up the “struggling theme parks” of the channel’s parent, Disney. Then Cablevision let ABC withdraw its channels until the two reached an agreement just as that year’s Oscars telecast started. The Dolans’ stewardship of Madison Square Garden and the Knicks and Rangers has been marked by turbulence as well. Fans frustrated by a lack of championships since the family took ownership in 1994 have targeted James Dolan in particular for meddling too much, particularly with the long-underachieving and turmoil-ridden Knicks. Yet in familiar fashion, the Dolans were willing to fight hard to protect their interests, notably in 2005 when Cablevision sued to stop the proposed building of a $2.2 billion stadium on the West Side of Manhattan for the Jets. Cablevision spent millions of dollars on ads opposing it.
Huh, apparently LI "utilities" need to be sold off in order to get better services. Lipa - now PSEG, Cable, now Altice...Why dont we LI'ers... Fights have broken out within the family as well. Few were more bitter than the battle over Voom, a satellite operator beloved by Charles Dolan and meant to help transform Cablevision into a national service provider. But James Dolan went against his father, and persuaded his fellow directors to put Voom up for sale. Perhaps the family’s biggest defeat came nearly a decade ago when the Dolans sought to take Cablevision private for $10.6 billion, buoyed by billions of dollars in cheap bank debt. Shareholders and analysts revolted, arguing that the family was trying to buy the company on the cheap. Minority investors roundly rejected the bid in 2007. Despite the defeat, the Dolans took to heart a central demand by investors: to split Cablevision into several public companies, letting each business get valued on its own. Since Madison Square Garden and AMC were spun off, their stock prices have more than doubled. “Shareholders were really smart to realize how much value was inside of Cablevision that management ultimately ended up unlocking,” said Richard Greenfield, an analyst at BTIG. “Shareholders forced the Dolans to share that value creation.” Being unpopular hasn’t particularly fazed the family. “Even if your teams are doing lousy and you don’t have a good concert, you are still going to be Madison Square Garden, you are still going to be the ‘showplace of America,’ ” James Dolan once told New York magazine. Since the failed takeover attempt, the Dolans have focused on keeping their company competitive, introducing services like Wi-Fi outside the home and a low-cost mobile phone service. But the company has had to battle rivals like Verizon who have made inroads into its turf. “They were one of the best-performing cable operators until Verizon got superaggressive and changed the landscape,” Mr. Greenfield said. In recent months James Dolan has signaled that Cablevision might finally be for sale. Ultimately, it was Altice, a European telecom with ambitions to expand in the United States, that persuaded the Dolans to sell. “We believe that Patrick Drahi and Altice will be truly worthy successors, and we look forward to doing all we can to affect this transition for our customers and employees,” James Dolan said in his statement. “We expect that Cablevision will be in excellent hands.” |
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Markji
Posts: 22753 Alba Posts: -4 Joined: 9/14/2007 Member: #1673 USA |
9/19/2015 10:10 PM
arkrud wrote:This Moroccan Jew is getting richer by day... Is Emmanuelle Chriqui a relative? "Chriqui was born in Montreal, Quebec, the daughter of Sephardi Jewish parents from Morocco.[3][4] Her mother, Liliane, was born in Casablanca, and her father, Albert, in Rabat;[5][6] and Chriqui has relatives in Israel.[3] Her family practised Orthodox Judaism in the Sephardic tradition." https://en.wikipedia.org/wiki/Emmanuelle_Chriqui
The difference between fiction and reality? Fiction has to make sense.
Tom Clancy - author
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