Charles Dolan

Yesterday at Cablevision's annual shareholders meeting, Cablevision boss Charles Dolan acknowledged that he's not quite sure what he got himself into with buying Newsday.

"We're very aware of our inexperience with newspapers," he said.

But!

"We plan to consult widely and seek advice from people who have backgrounds and are professionals in the field."  read more »

The Dolans win the bidding for the Long Island daily for $650 million. The deal is structured the way Sam Zell needed it to be--the Dolans pick up 97 percent of the company, while the Tribune company retains 3 percent. Here's the release:

CABLEVISION TO ACQUIRE 97% STAKE IN NEWSDAY MEDIA GROUP THROUGH PARTNERSHIP WITH TRIBUNE COMPANY IN A $650 MILLION TRANSACTION

Returns Newsday to Long Island-based Ownership After Nearly 40 Years  read more »

Later this morning, Newsday should belong to the Dolans.

Their $650 million bid will likely be accepted by Tribune owner Sam Zell later this morning, and the only thing that stands in the way are "minor details," said Charles Dolan in an interview last night with Newsday. The Times reports that Charles and James Dolan were in Chicago two weeks ago talking to Sam Zell, and Cablevision bankers and lawyers are there now hashing out the final terms of the deal.  read more »

The Dolans bought the Sundance Channel today for $496 million. And what of Newsday? They still have the leading bid.

It's officially a horse-race for the tabloid in a tutu.  read more »

Word was spreading last week that Sam Zell was in deep danger of credit default, but there might be an out (in fact, it's an out that Mr. Zell seems to already have begun working on). Reuters is reporting:  read more »

On Jan. 15, Sam Zell dropped by the bleak house that is the Melville, N.Y., headquarters of Newsday, Long Island’s newspaper.

It was to be a pep talk: The last decade, characterized by its nearly annual tradition of soul-wrenching job cuts, was over. “We’ve got to get off our ass,” he said to the assemblage of reporters and salesmen; it went over well, less like a scolding than a slap on the butt from Coach.

Two months later, a somber group showed up at the Newsday auditorium for cannoli, pecan pie and coffee to say goodbye to the 36 newsroom buyouts Tribune had exacted from the paper, including three national reporters, several business reporters, its features editor, its movie editor and two critics. (Some reporters were taken off other desks and transferred to the Long Island desk.)  read more »

The attempt by Charles and James Dolan to take Cablevision private failed today. The media and sports giant revealed that shareholders had voted against the Dolans' bid to acquire the company for $36.25 per share in cash.

The Times' Dealbook blog reports:

The investor vote leaves Cablevision as an independent company and spells an end, for now, to two years of takeover efforts by the Dolans. Though Cablevision did not provide a breakdown of the vote, large shareholders, proxy advisory firms and analysts had expressed strong reservations about the offer.

The entities owned or operated by Cablevision include: Optimum, AMC, IFC, WE tv, Madison Square Garden, the New York Knicks, Rangers and Liberty, Radio City Music Hall, the Beacon Theatre, and Clearview Cinemas.  read more »