Dolans on the Brink of Owning Newsday
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.
"I think they're just finishing things and we should hear something shortly," said Charles Dolan.
Tim Arango and Richard Perez-Pena report that Wall Street is baffled with why the Dolans want to own the newspaper. And Mort Zuckerman seems totally satisfied that the paper will belong to them and not Rupert Murdoch. The Journal reports:
For his part, Mr. Zuckerman seemed unfazed by the outcome. Reached at his home Sunday, Mr. Zuckerman said he was taking a piano lesson, adding that his daughter had just expressed admiration for his rendition of Andrew Lloyd Webber's "Memory."
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Anti-Monopoly Resolution Presented by Gloria Parker at the annual Meeting of Stockholders for Cablevision Systems Corporation held on Thursday, May 22, 2008 at 10:00 AM at the Office of the Corporation, 1111 Stewart Avenue Bethpage NY 11714.
Mr. Chairman,
I accept the nomination to the board. I'd like to offer a statement to be included in the minutes of this meeting.
Be it resolved that Cablevision Systems Corporation divest itself immediately of any and all interest and affiliation with the Tribune Co., owner of Newsday, because it would monopolize and cripple vital news coverage on Long Island. Could this be a form of Censorship?
This matter is of utmost concern to all stockholders, the people of Long Island, the people of New York and this country. Divestiture is necessary because of ethical and antitrust issues and is in the best interest of all stockholders. I am also shocked at the tremendous sum of money being paid, 612 million in cash, 20 million(Tribune's stake) and 18 million in rents. How much is billionaire Sam Zell and California's Chandler family making on our backs?
What is more shocking is the lack of experience Cablevision has with the print media! Who's folly is this? Charles or Jim Dolan? And how are you going to affectively manage and expand Newsday with this gaping hole of knowledge in the news industry. This is a losing proposition, just look at the sorry mess you have made running the NY Knicks and Madison Square Garden!
Do you remember the mess CBS made when they bought the Yankees! Oh Yes! I remember that well, As a CBS stockholder, I attended the annual meeting and vehemently disputed with William S. Paley the impractical purchase of the Yankees, because they were drifting away from their core business and losing sight of the bottom line. We the stockholders can do without this aggravation! Do we really need this aggravation? For example Newsday had in-depth coverage of lawyers double dipping and receiving multiple pensions from the different school systems right here on Long Island. Ashamedly Cablevision gave very poor coverage to this serious corruption going on between the law firms and our overtaxing school districts!
Before getting involved with the Department of Justice Antitrust Division, I demand a complete internal and intensive investigation.
I personally believe in freedom, freedom of the airwaves, freedom of the press and a free competitive business environment. I believe in America, free of monopolies and censorship. I believe in Cablevision, but let's not stay addicted to this catastrophe! I would like to ask Clearbridge Advisors, T. Rowe Price Associates, Gamco Investors Inc., Marathon Asset Management, Barclay's Global Investors and each and every stockholder who has invested wisely with our company to vote for me, Gloria Parker and this resolution I am now proposing “not to purchase Newsday”!
Let us focus on our core business! How about giving us a sizable dividend instead of “Stoking Dolan's Folly! Thank you Mr. Chairman, the Board of Directors and my fellow stock holders for this opportunity!
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