Cablevision Loses Its Tunnel Vision

The Dolans see the future, and it's in key alliances. Wall Street applauds

Last fall, Charles F. and James L. Dolan, the father-son duo who run Cablevision Systems Corp., faced angry institutional shareholders in a series of tense, unpleasant meetings. "Investors were just fed up," says one. "This company was ridiculously undervalued, staying overleveraged, and doing stupid deals when the market reality of cable had changed."

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