Cablevision Systems Corp. said Monday that a special transaction committee of its board of directors has hired Lehman Bros. Inc. and Morgan Stanley Dean Witter & Co. as financial advisors as it evaluates a $7.9 billion offer from its controlling Dolan family to take the MSO private.
In a press release, Cablevision said the special committee -- consisting of independent directors Thomas Reifenheiser and Vice Admiral John Ryan USN (Ret.) -- also hired Willkie Farr & Gallagher LLP as its legal counsel.
Cablevision said in the statement that the special committee is in the early stages of its evaluation, and it “intends to proceed in a deliberate and timely manner.”
In June, the Dolan family -- including Cablevision chairman Charles Dolan and CEO James Dolan -- proposed purchasing the remaining outstanding shares it didn’t already own for $7.9 billion.
If that deal were consummated, the MSO -- with about 3 million subscribers in the New York metropolitan area -- would be taken private. Its programming and entertainment assets -- including cable networks The Independent Film Channel, AMC and WE: Women’s Entertainment -- would be spun off into a separate publicly traded entity.