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 After years of blowing off Cablevision System Corp.'s shareholders, the Dolan family may have finally met its match in activist hedge fund Harbinger Capital Partners. Since the activist hedge fund took a stake in the cable company, Cablevision has gone on an investor roadshow, started exploring asset sales and started paying a dividend; but that may not be enough for Harbinger which has now increased its position in the company to 8.1% and wants to meet with management.
Cablevision's chairman and founder Charles Dolan and his son, CEO
James Dolan, are in no danger of losing control of the company, as
their Class B shares give them 74% of the vote on most issues.
However, the two are seemingly feeling the heat from Harbinger, who just
finished shaking things up
at Media General Inc., and the New York Times Co., which like Cablevision maintained a dual-class share structure that gave its controlling family what was thought to be ironclad control. In the end, however, Arthur Sulzberger Jr. ultimately gave in to some of Harbinger's demands including board representation. - George White
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