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CNBC's Faber: Dolans To Pay $36.26 a Share for Cablevision

Cablevision Systems has agreed to sell itself to the Dolan family -- for $36.26 a share -- in a deal to take the company private, CNBC's David Faber reported.

The company's board of directors voted on the deal this morning, Faber said. The offer translates to about $5,000 per subscriber.

The offer also represents a 21% premium to the Dolans' last offer, of $30 a share, which was ultimately rejected. The Dolans, who founded the company, are expected to borrow $15.5 billion to finance the deal.

"This was an interesting and long negotiation," Faber said.

The deal could fall through, Faber noted, should a consensus of minority Class A shareholders vote against acceptance of the offer. In addition to the "majority of the minority" voting provision, the transaction requires the approval of federal regulators

Today's deal follows three earlier failed efforts by the Dolan family to buy out the public shareholders of Cablevision, a company whose assets include Madison Square Garden, Radio City Music Hall, the New York Knicks and the New York Rangers.

The New York Times first reported that the deal was on the table.

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