Three family boats reportedly on block
NEW YORK — While perpetually reluctant to sell any of its media properties, Cablevision’s Dolan family is apparently ready to sell its yachts. At least three of Chuck and James’ beloved sloops are reportedly to be put up for auction, including one called Bravo. According to a CNBC report, three Dolan family boats are on the block: the 118-foot Knickerbocker (likely named after the Cablevision-owned Knicks basketball team) and CEO James Dolan’s two racing sailboats, the 72-foot Encore (a reference to a rival perhaps?) and slightly smaller ketch Bravo. Knickerbocker is said to be worth $6.75 million, while the aforementioned ketch could fetch upward of $1.5 million.
James, an avid sailor, has apparently stopped racing competitively, perhaps to concentrate more closely on his other hobby, running his father’s company.
That’s small comfort for testy investors, who are breathing fire over the loss in value of Cablevision shares. They see the family fiddling as the company burns through needless cash on expensive experiments like a new DBS platform and stalls on selling assets that could bridge a looming $900 million funding gap and steady the company’s strategic and financial position.
The recalcitrant Cablevision is in advanced talks to sell Bravo and possibly other Rainbow assets to NBC in a stock deal worth upward of $1.6 billion. But few believe the Dolan family, which controls Cablevision through a class of voting shares, is really prepared to part with its cable programming gems.