The Dolan family’s latest attempt to take Cablevision private was halted on Tuesday, as a special committee of the Cablevision board rejected the family’s most recent improved offer of $8.9 billion as inadequate. Cablevision founder Charles Dolan and members of his family hold 20% of the equity and 70.4% of the voting power in the company, which serves three million cable customers primarily in New York. Arguing that privatization would enable Cablevision to operate from “a long-term entrepreneurial management perspective that is not often appreciated by the public markets’ constant focus on short-term results,” the Dolans first sought to take the company private in June 2005, proposing, at that time, to retain ownership of Cablevision’s cable systems while spinning off the company’s cable channels and its stakes in the New York Knicks and New York Rangers sports teams. After withdrawing their initial bid, the Dolans revived privatization plans last October with an offer of $7.9 billion (or $27 per share) for the remaining equity in the company. Although the Dolans forwarded their original offer at a time when many cable stocks were floundering, the market for cable stocks has since rebounded as cable firms have reported strong sales of telephone and broadband services in addition to video. Late last week, the Dolans sweetened the October offer with an improved bid of $8.9 billion, or $30 per share. Arguing, however, that Cablevision is “well positioned to address the competitive challenges that exist,” the committee turned down the offer on grounds that “it does not represent fair value for the company’s public shareholders.” While the committee’s decision has fueled speculation that Cablevision is holding out for an outside buyer, the Dolans stressed that they have no intention of selling their stake in the company and that their latest bid of $30 per share represents the family’s “best and final” offer.