Cablevision 2012 Annual Report Download - page 215

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except per share amounts)
I-87
Common Stock Repurchases
In June 2010, Cablevision's Board of Directors authorized the repurchase of up to $500,000 of CNYG
Class A common stock. In February 2011, Cablevision's Board of Directors authorized the repurchase of
up to an additional $500,000 of CNYG Class A common stock. In May 2012, Cablevision's Board of
Directors authorized the repurchase of up to another $500,000 of CNYG Class A common stock giving
the Company the ability to repurchase up to a total of $1,500,000 of CNYG Class A common stock since
inception of the program. Under the repurchase program, shares of CNYG Class A common stock may
be purchased from time to time in the open market. Size and timing of these purchases will be
determined based on market conditions and other factors. Funding for the repurchase program will be
met with cash on hand, cash from operations, and/or borrowings under CSC Holdings' extended revolving
loan facility, which would be distributed to Cablevision.
For the year ended December 31, 2012, Cablevision repurchased an aggregate of 13,596,687 shares for a
total cost of $188,600, including commissions of $136. Since inception through December 31, 2012,
Cablevision repurchased an aggregate of 45,282,687 shares for a total cost of $1,044,678, including
commissions of $453. These acquired shares have been classified as treasury stock in Cablevision's
consolidated balance sheets. As of December 31, 2012, the Company had $455,322 of availability
remaining under its stock repurchase authorizations.
NOTE 21. SUBSEQUENT EVENTS
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 for $1,625,000 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 occur during the third quarter of
2013. However, there can be no assurances that the conditions to closing set forth in the purchase
agreement will be satisfied or waived or that the closing will occur at all. The purchase agreement does
not provide any post-closing recourse against the Company.
On February 26, 2013, the Board of Directors of Cablevision declared a cash dividend of $0.15 per share
payable on April 3, 2013 to stockholders of record on both its CNYG Class A common stock and CNYG
Class B common stock as of March 15, 2013.