NEW YORK – Cablevision Systems Corp. (CVC), a New York-area cable TV provider that also owns Madison Square Garden, said Wednesday it has reached a deal to be taken private by the Dolan family, the controlling shareholders, in a deal worth about $10 billion.
It was the Dolans' third attempt to take the company private in recent years, the first two having been rejected by a two-person committee of independent directors on its board.
The company said in a statement Wednesday that its board of directors, on the advice of a special committee of independent directors, has voted to approve the Dolans' offer of $36.26 per share.
That is an 11 percent premium over Cablevision's closing price of $32.67 on Tuesday.
In morning trading Wednesday, Cablevision shares rose $2.59, or 8 percent, to $35.26 on the New York Stock Exchange.