Cablevision 2012 Annual Report Download - page 15

(9)
Investment in Comcast Corporation Common Stock
We own 21,477,618 shares of Comcast common stock acquired in connection with the sale of certain
cable television systems in prior years. All of these shares have been monetized pursuant to collateralized
prepaid forward contracts. See "Item 7A. Quantitative and Qualitative Disclosures About Market Risk"
for a discussion of our monetization contracts.
AMC Networks Inc. Distribution
On June 30, 2011, Cablevision distributed to its stockholders all of the outstanding common stock of
AMC Networks Inc. ("AMC Networks"), a company which consists principally of national programming
networks, including AMC, WE tv, IFC and Sundance Channel, previously owned and operated by the
Company's Rainbow segment (the "AMC Networks Distribution"). The AMC Networks Distribution
took the form of a distribution by Cablevision of one share of AMC Networks Class A Common Stock
for every four shares of Cablevision NY Group ("CNYG") Class A Common Stock and one share of
AMC Networks Class B Common Stock for every four shares of CNYG Class B Common Stock. As a
result of the AMC Networks Distribution, the Company no longer consolidates the financial results of
AMC Networks for the purpose of its own financial reporting and the historical financial results of AMC
Networks have been reflected in the Company's consolidated financial statements as discontinued
operations for all periods presented through the AMC Networks Distribution date.
MSG Distribution
On February 9, 2010, Cablevision distributed to its stockholders all of the outstanding common stock of
The Madison Square Garden Company ("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"). 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 and one share of Madison Square Garden Class B Common Stock for
every four shares of CNYG Class B Common Stock. As a result of the MSG Distribution, the Company
no longer consolidates the financial results of Madison Square Garden for the purpose of its own financial
reporting and the historical financial results of Madison Square Garden have been reflected in its
consolidated financial statements as discontinued operations for all periods presented through the MSG
Distribution date.
Bresnan Cable
On December 14, 2010, the Company, through two wholly-owned subsidiaries, consummated the
acquisition of Bresnan Broadband Holdings, LLC ("Bresnan Cable"). The purchase price was
approximately $1.36 billion. The acquisition was financed using an equity contribution to the acquisition
subsidiaries by CSC Holdings of $395 million, which CSC Holdings borrowed under its revolving loan
facility, and debt incurred by the acquisition subsidiaries consisting of an undrawn $75 million revolving
loan facility, a $765 million term loan facility and $250 million 8.0% senior notes due 2018.
In February 2013, the Company entered into a purchase agreement pursuant to which Charter
Communications Operating, LLC will acquire the Company's Bresnan Broadband Holdings, LLC
subsidiary (Optimum West) for $1.625 billion in cash, subject to certain adjustments, including a
reduction for certain funded indebtedness of Bresnan Cable. The closing of the transactions contemplated
by the purchase agreement is subject to customary closing conditions, including the expiration or early
termination of the waiting period applicable under the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended, and receipt of FCC approvals, franchise approvals covering not less than 80% of
Bresnan's video customers as of the date of the Purchase Agreement and certain state telecommunication
authorizations. The closing of the transactions contemplated by the purchase agreement is expected to