Big Cablevision investor opposes deal: report
NEW YORK (Reuters) - ClearBridge Advisors, the largest institutional shareholder in Cablevision Systems Corp (CVC.N), plans to vote against the founding Dolan family's effort to take the cable television company private, the Wall Street Journal reported on Wednesday, citing sources.
The $10.6 billion bid to buy Cablevision is facing increasing opposition by shareholders, including Gamco Investors Inc. (GBL.N), managed by investor Mario Gabelli, and others.
ClearBridge owns about 13.8 percent of Cablevision, according to regulatory filings, making it the largest institutional investor.
The ClearBridge opposition could deliver a potentially "crippling blow" to the offer to take Cablevision private, the paper said.