Days after news that a buyout of Insight Communications is on hold (see story), another cable deal is being bollixed, and for the same reason. The tightening credit market is undermining the financing of The Dolan family’s attempt to take Cablevision Systems private.
Cablevision has called a special meeting of its shareholders on October 24, 2007 to vote on the Dolan family’s standing offer of $36.26 per share.
But that deal is predicated on the Dolan’s borrowing more than $15 billion, which is becoming increasingly more difficult given current credit market trends. The key factor is rising interest rates on the debt the Dolans would assume.
Shareholders of record at the close of business on October 4, 2007 will be entitled to vote at the special meeting of shareholders, which will be held at 11:00 a.m. ET at Cablevision’s headquarters at 1111 Stewart Avenue, Bethpage, N.Y.
