Cablevision (NYSE: CVC) Systems shareholders have rejected a $10.6 billion bid from the Dolan family to take the cable operator private. The family, which has been fighting to take Cablevision private for more than two years, is spinning this in the best light it can: “While we are disappointed that shareholders did not approve the transaction, there is really nothing negative about today’s outcome. In fact, in many ways, it is a very positive event. We see today’s outcome as a vote of confidence in the prospects of Cablevision, its management team, its 20,000 employees and the industry’s future.” This result has grown more likely in recent weeks as major shareholder ClearBridge Advisors and influential fund manager Mario Gabelli signaled their intention to oppose it, arguing that the company is worth more than $36.26 per share. The final vote tally was not disclosed. Shares are currently off less than 2 percent on the news. More to come Release.

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