A two-year effort by the Dolan family to take Cablevision private showed signs of success on Wednesday, as the Cablevision board approved the Dolans’ most recent offer of $10.6 billion for the 80% of Cablevision shares not owned by the family. Founded in 1973 by Charles Dolan, Cablevision serves 3.5 million customers and was one of the first cable operators in the U.S. to offer its customers a three-way service package that includes digital TV, telephone, and broadband. The company’s assets also include the AMC cable network, Madison Square Garden, and the New York Knicks and New York Rangers professional sports teams. The Dolans first offered to take Cablevision private (and to split the company) in 2005 at a price of $21 per share. After the board rejected that offer as inadequate, the Dolans returned last year with a bid of $27 per share for the entire company, then raised that bid in January to $30 per share. That offer, however, met the same fate as the first as board members complained that the purchase price did not represent a “fair value” to shareholders. On Wednesday, the Dolans succeeded on their third attempt, as they convinced the board to accept a leveraged buyout offer of $36.26 per share (i.e., $8.5 billion) that represents an 11% premium over Tuesday’s closing price of $32.67 per share. The Dolans also plan to contribute $2.1 billion of their own equity. Including the assumption of debt, the total value of the deal is reported to be worth $22 billion. As part of the agreement, a group of Cablevision shareholders who had sued against the privatization plan will dismiss all pending litigation. (The deal, however, must still be approved by a majority of Cablevision shareholders who are not associated with the Dolan family.) Declaring “we are very proud of the company’s track record of delivering quality service and innovative products to our customers,” Charles Dolan and his son, James Dolan (Cablevision’s CEO), maintained: “the best way to continue this tradition in today’s increasingly competitive environment is as a privately-held company.”