Bethpage, N.Y. - Cablevision, a provider of cable TV services to 3.1 million subscribers and owner of Madison Square Garden and several sports teams, announced on Wednesday that it has agreed to be taken private by the Dolan family in a deal valued at about $10.6 billion.

The offer was the third from the Dolan family, who are the company's controlling shareholders; Charles Dolan is also Cablevision's chairman, while his son James serves as CEO.

Two previous offers of $27 per share and $30 per share were rejected by the board; the accepted offer of $36.26 per share represents an 11% premium over Cablevision's current share price.

The company said it has secured $15.5 billion in debt financing to fund the deal and refinance certain bank debt.

In recent years, fellow cable TV providers Cox and Insight have also been taken private.

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http://biz.yahoo.com/bw/070502/20070502005714.html?.v=1

http://tinyurl.com/ytmjsp (Bloomberg)

http://www.cablevision.com