Gabelli Goes Shopping for Cablevision Shares
By Mike Farrell -- Multichannel News, 2/6/2007 1:07:00 PM
Gamco Investors, the group of mutual funds run by investment guru Mario Gabelli, went on a buying spree of Cablevision Systems stock from Oct. 3-Jan. 16, spending $31.6 million for about 1 million additional shares, according to a Securities and Exchange Commission filing.
According to a 13-D document filed with the SEC Tuesday, Gamco increased its Cablevision holdings from 18.5 million shares (or 8.1% of Cablevision’s outstanding stock) to 19.5 million (8.54%) during that time frame.
According to the filing, the Gamco funds spent $31.6 million to acquire the additional shares.
Although it was not revealed exactly when the Gamco funds purchased the shares, the company’s last 13-D filing outlining its Cablevision holdings was made Oct. 3, when it revealed that it owned 18.5 million Cablevision shares.
That was less than one week before Cablevision announced Oct. 8 that its ruling Dolan family had made a $7.9 billion ($27 per share) offer to take the company private. Although the Dolans subsequently raised their offer to $30 per share ($8.9 billion) Jan. 12, a special committee of Cablevision’s board of directors rejected the proposal as too low on the evening of Jan. 16.
Cablevision stock rose $5.51 each (24%) from Oct. 3-Jan. 16.
Gabelli’s blog entry on Gamco’s Web site earlier Jan. 16 apparently spurred the SEC filing. In that blog, Gabelli said he would favor a higher offer from the Dolan family or a sale of the cable company to Time Warner.
Gabelli: I’ll Squire Dolan Around
07/31/2008New Contracts For Key Cable Execs
03/21/2010Gabelli Tosses Wrench into Dolan Deal
10/22/2007Gabelli May Vote Against Dolans
10/11/2007
Featured Company
-
Telestream
Telestream products are used by the world's leading media and entertainment companies and corporations for transcoding and workflow automation. Telestream helps customers transform their media for multiplatform distribution to web, mobile, DVD, cable VOD, podcast and broadcast pl..more


















