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Cablevision gets advisers for split plan

Company plans gold at Rainbow end

NEW YORK — The Cablevision Systems board has tapped Lehman Bros. and Morgan Stanley to advise on the Dolan family’s plan to take the cable side of the biz private and spin off programming arm Rainbow Media into a publicly traded company.

A special transaction committee appointed by the board is beginning to consider the proposal and will rely on Lehman and Morgan Stanley for financial counsel. It has retained Willkie Farr & Gallagher as legal counsel.

Cablevision chairman Charles Dolan and his son CEO James Dolan announced the plan to carve up their family’s company last month.

Under the $7.9 billion deal, Cablevision stockholders would get $21 in cash for each share they own, plus shares in the new Rainbow Holdings, valued at $12.50 a share.

Once the split is complete, the elder Dolan would run the private cable venture while James Dolan would head the new publicly traded company, made up of Rainbow’s cable nets and Cablevision’s sports properties.

The Cablevision board has set no timetable for its work.

Cablevision shares fell 63¢ to close at $31 Monday.

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