Gabelli Wants Break Up of Cablevision
|August 9th, 2008||
|Activist investor Mario Gabelli is calling for Cablevision and its founders, the Dolan family, to break up the company. Gabelli owns an 8.3% stake in Cablevision through his firm, Gamco Investors. He is pressing Cablevision to spin off Madison Square Garden and sells its cable system to Time Warner Cable in addition to his previous demand of selling its Rainbow Media unit of cable-TV networks on August 5.|
Gabelli has threatened a proxy fight if the company does not act. Cablevision has six directors elected by the Dolan family and nine directors elected by the general shareholders. The Dolan family has enough Class B shares to control the company's actions on almost all issues. The Dolans have been criticized earlier year for the company's investments such as the Sundance Channel and Long Island's Newsday newspaper. They have also tried numerous times before to buy out Cablevision, but the bids have been rejected by Cablevision investors.
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