Holders of a majority of the Class B common stock of Cablevision Systems have elected Rand Araskog, Frank J. Biondi, Jr., Dr. John Malone and Dr. Leonard Tow to Cablevision’s board of directors.

The new directors will replace William J. Bell and Sheila Mahony, both of whom recently retired as officers of Cablevision, Steven Rattner and the late John Tatta. The new directors are expected to serve until the next annual meeting of stockholders, currently scheduled for May 19, 2005, and then to be re-nominated for an additional term.

Mr. Dolan also announced that the board will be asked at its next meeting on March 7, to increase its size so that the Class B stockholders may elect Brian Sweeney to fill a new seat. Mr. Sweeney has been with Cablevision for 12 years and is currently a Senior Vice-President for e-media with responsibility for websites and interactive television services. He is a son-in-law of Mr. Dolan, the Chairman of Cablevision.

Said Chairman Charles Dolan, “In light of the extensive industry experience and impressive qualifications of these individuals, the Class B stockholders believe that they will be very well-positioned to make significant contributions to the long-term success of the company.” Mr. Dolan has also notified Cablevision that the Class B stockholders will exercise their rights under Cablevision’s certificate of incorporation to nominate and elect 75% of the company’s directors at the next annual meeting of stockholders.

webproworld | Breaking eBusiness News
Your source for investigative ebusiness reporting and breaking news.