June 22, 2005
Cablevision Systems Corporation announces that it has assembled a Special Transaction Committee consisting of independent directors to evaluate a $7.9 billion bid to take the company’s operations private and spin off its entertainment assets, and that Willkie has been retained to advise on the review.
As reported widely in the press, including The Wall Street Journal and The New York Times, Cablevision Systems Corporation announced on June 22 that it has assembled a Special Transaction Committee consisting of independent directors to evaluate a $7.9 billion bid to take the company’s operations private and spin off its entertainment assets. The company also announced that Willkie has been retained by the independent panel to advise it on its review. The proposal, put forth by the controlling Dolan Family Group, calls for paying Cablevision stockholders $21 in cash for each share they currently own, plus shares (valued at $12.50) in Rainbow Media Holdings LLC, the new publicly traded holding company for the cable giant’s entertainment assets. Cablevision is one of the nation's leading entertainment and telecommunications companies, serving three million households in the New York metropolitan area. In addition to its telecommunications and programming businesses, Cablevision owns Madison Square Garden, three professional sports teams, Radio City Music Hall, and Clearview Cinemas. The Willkie team handling the matter includes Governor Mario Cuomo, Joseph Baio, Daniel Rubino and Michael Schwartz. Willkie has represented the Independent Committee of Cablevision's Board of Directors for the last two years.
