Bethpage, N.Y.—Cablevision Systems Corp.will hold a special shareholder meeting at its headquarters here Nov. 10 at 10 a.m. to obtain approval for its pro-posed Rainbow Media Group tracking stock.

Author:
Publish date:

In December, Cablevision firmed up plans to issue the Rainbow tracker. It will contain the national assets of programming arm Rainbow Media Holdings Inc., including American Movie Classics, Bravo, Independent Film Channel, Romance Classics, MuchMusic USA and its interests in six regional Fox Sports Net networks outside of metropolitan New York City.

Cablevision's existing common stock will be redesignated as

Cablevision NY Group and will contain its New York City area systems and programming assets, according to a proxy statement filed with the Securities and Exchange Commission.

In addition, NBC Corp., which owns a 26 percent stake in Rainbow Media Holdings will get to exchange that interest over nine years for a 34 percent stake in Rainbow Media Group.

Vancouver
,

Wash

.

-Digital subscriber line provider
New Edge Network Inc.

raised $139.9 million in a third round of financing last week, bringing the total amount of invested capital in New Edge to $302.6 million in the past 15 months.

New Edge provides wholesale DSL services across the country in small, mid-sized and semi-rural markets. The company received $76.9 million in private equity and another $63 million in debt financing in the most recent funding round. GS Capital Partners III, L.P. and affiliates, an investment partnership of Goldman, Sachs & Co., led the private equity round and received a seat on the New Edge board of directors. Existing New Edge investors also participated in this round

New Edge raised $15.2 million in June 1999 and an additional $62.5 million last January. In addition to the private equity, New Edge previously received $85 million in vendor financing and credit facilities.

Other investors include: Accel Partners, Comdisco Ventures, Crosspoint Venture Partners, Greylock, Intel Corp., Meritech Capital Partners, Morgan Stanley Dean Witter and New Edge Networks' management team.

Related