Cablevision Entices Buyers With Lowest Value on Record: Real M&A

Cablevision Systems Corp. is now the cheapest U.S. cable or satellite-television provider for potential acquirers from Time Warner Cable Inc. to Comcast Corp. following the resignation of its chief operating officer.

After COO Tom Rutledge stepped down last month, Cablevision shares tumbled to the lowest level relative to free cash flow since April 2009, making it less expensive than any rival with a market value greater than $1 billion, according to data compiled by Bloomberg. The Bethpage, New York-based company and its controlling shareholder, the Dolan family, would demand more than $23 a share in an acquisition, said Albert Fried & Co., or a 62 percent premium to last week’s closing stock price.