Cablevision 2011 Annual Report Download - page 93

(87)
At any time after the thirteenth anniversary of the closing of the Newsday Transaction and on or prior to
the date that is six months after such anniversary, Tribune Company will have the right to require CSC
Holdings to purchase Tribune Company's entire interest in Newsday Holdings LLC at the fair value of the
interest at that time. The table above does not include any future payments that would be required upon
the exercise of this put right.
Other Events
Distribution of AMC Networks Inc.
On June 30, 2011, Cablevision completed the AMC Networks Distribution. As part of the AMC
Networks Distribution, a refinancing of AMC Networks created new debt, a portion of which was used to
repay all outstanding debt (excluding capital leases) of Rainbow National Services and approximately
$1,250,000 of the new AMC Networks debt was issued to CSC Holdings which was used to satisfy and
discharge $1,250,000 of outstanding borrowings under the Restricted Group's revolving loan facility.
Common Stock Repurchase
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. 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 and/or borrowings under CSC Holdings' revolving
loan facility which would be distributed to Cablevision.
For the year ended December 31, 2011, Cablevision repurchased an aggregate of 20,860,400 shares for a
total cost of approximately $539,565, including commissions of $209. Since inception through
December 31, 2011, Cablevision repurchased an aggregate of 31,686,000 shares for a total cost of
approximately $856,078, including commissions of $317. These acquired shares have been classified as
treasury stock in Cablevision's consolidated balance sheet. As of December 31, 2011, the Company had
approximately $143,922 of availability remaining under its stock repurchase authorizations.
Dividends
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
Cablevision paid dividends aggregating $162,032 and $140,734 in 2011 and 2010, respectively, primarily
from the proceeds of equity distribution payments from CSC Holdings. The CSC Holdings equity
distribution payments to Cablevision were funded from cash on hand. In addition, as of December 31,