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Monday, June 20, 2005

Possible strength in Comcast Corp (CMCSA) on CVC news

There are talks that Comcast Corp (CMCSA) may show some strength on today's Cablevision Systems Corp (CVC) news that the family controlling CVC has proposed taking the cable TV operator private while spinning off its entertainment assets. It is also speculated that CVC $33.50 offer is just the starting point and may go up to $35.

CVC currently trading at $33.40 (+24.30%)
CMCSA currently trading at $32.02 (+1.43%)

Plan to Take Cablevision Private Proposed
AP
Yahoo Finance!

Monday June 20, 8:50 am ET
NEW YORK (AP) -- The family that controls Cablevision Systems Corp. has proposed taking the cable TV operator private while spinning off its entertainment assets, which include the New York Knicks and Rangers, Madison Square Garden and cable channels like American Movie Classics into a separate publicly traded company.

The $7.9 billion deal would give Cablevision stockholders $21 in cash for each share they currently own, plus shares in the new company, Rainbow Media Holdings.

The Dolan family, whose leaders have been feuding in recent months, estimated the spinoff of Rainbow would be worth $12.50 per share, giving Cablevision shareholders a combined $33.50 for each Cablevision share, a 25 percent premium over its closing price on Friday.
Read further:
Yahoo Finance! (AP): lan to Take Cablevision Private Proposed

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