Cablevision 2011 Annual Report Download - page 38

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On February 9, 2010, Cablevision distributed to its stockholders all of the outstanding common stock of
Madison Square Garden, a company which owns the sports, entertainment and media businesses
previously owned and operated by the Company's Madison Square Garden segment. The MSG
Distribution took the form of a distribution by Cablevision of one share of Madison Square Garden
Class A Common Stock for every four shares of CNYG Class A Common Stock held of record on
January 25, 2010 and one share of Madison Square Garden Class B Common Stock for every four shares
of CNYG Class B Common Stock held of record on January 25, 2010.
The Board of Directors of Cablevision declared the following cash dividends to stockholders of record on
both its CNYG Class A common stock and CNYG Class B common stock:
Declaration Date Dividend per Share Record Date Payment Date
October 27, 2011 $0.15 November 11, 2011 December 2, 2011
August 5, 2011 $0.15 August 19, 2011 September 9, 2011
May 4, 2011 $0.15 May 16, 2011 June 6, 2011
February 15, 2011 $0.125 February 28, 2011 March 21, 2011
November 3, 2010 $0.125 November 15, 2010 December 6, 2010
August 4, 2010 $0.125 August 16, 2010 September 7, 2010
May 5, 2010 $0.125 May 17, 2010 June 7, 2010
February 24, 2010 $0.10 March 8, 2010 March 29, 2010
The dividend payments on all outstanding shares of Cablevision common stock and certain common
stock equivalents aggregated approximately $162.0 million and $140.7 million in 2011 and 2010,
respectively. In addition, as of December 31, 2011, up to approximately $8.6 million will be paid when,
and if, restrictions lapse on restricted shares outstanding.
Cablevision may pay dividends on its capital stock only from net profits and surplus as determined under
Delaware law. If dividends are paid on the CNYG common stock, holders of the CNYG Class A
common stock and CNYG Class B common stock are entitled to receive dividends, and other
distributions in cash, stock or property, equally on a per share basis, except that stock dividends with
respect to CNYG Class A common stock may be paid only with shares of CNYG Class A common stock
and stock dividends with respect to CNYG Class B common stock may be paid only with shares of
CNYG Class B common stock.
Cablevision's and CSC Holdings' indentures governing debt and CSC Holdings credit agreement restrict
the amount of dividends and distributions in respect of any equity interest that can be made.
CSC Holdings
During the years ended December 31, 2011 and 2010, CSC Holdings made cash equity distributions to
Cablevision, its sole member, aggregating approximately $929.9 million and $556.3 million, respectively.
The proceeds were used to fund:
• Cablevision's dividends paid;
• Cablevision's interest payments on its senior notes;
• Cablevision's payments for the acquisition of treasury shares related to statutory minimum tax
withholding obligations upon the vesting of certain restricted shares; and
• the repurchase of CNYG Class A common stock under Cablevision's share repurchase program.
Additionally on June 30, 2011, CSC Holdings distributed to Cablevision all of the outstanding common
stock of AMC Networks and on February 9, 2010, CSC Holdings distributed to Cablevision all of the
outstanding common stock of Madison Square Garden.