New York, June 20, 2005 – LAWFUEL – The Law News Network – Debevoise & Plimpton LLP is representing Charles F. Dolan and James L. Dolan in their proposal, on behalf of members of the Dolan Family Group, to take private Cablevision Systems Corporation (NYSE: CVC). In connection with the transaction, Rainbow Media Holdings would be spun off to Cablevision shareholders on a pro rata basis, becoming a separate publicly listed company. The new public company will hold programming, sports and entertainment assets including the national cable networks (AMC, IFC, WE), fuse, regional sports networks, Madison Square Garden, the New York Knicks, the New York Rangers, Radio City Music Hall, News 12 and Clearview Cinemas.
Concurrent with the spin-off of Rainbow, with an estimated value of $12.50 per share, the public shareholders of Cablevision would receive $21.00 per share in cash in connection with a merger of an entity owned by the Dolan Family Group with Cablevision. The transactions deliver an estimated value of $33.50 per share or an aggregate of $7.9 billion to public shareholders, and imply an enterprise value for the company’s telecom and cable businesses of $13.6 billion. After the completion of the transactions, the Dolan Family Group would own 100% of the Cablevision telecom and cable businesses and approximately 20% of Rainbow.
Debevoise is a leading international law firm with offices in New York, London, Paris, Frankfurt, Washington, Moscow, Hong Kong and Shanghai. The Debevoise team is led by partner Richard D. Bohm and includes partners Bruce D. Haims, David A. Brittenham, Andrew N. Berg and Larry Cagney and associates Kevin A. Rinker, Clara O’Brien, D. Renee Applegate and Michael A. Diz.