Televisa won't roll over its 11.4% stake in Univision 

Private equity group wins auction for Univision

Cablevision special committee to review $3B dividend

Susquehanna Pfaltzgraff sells radio and cable 

Dolan family drops its Cablevision proposal  

Intelsat to buy PanAmSat for $3.2 billion

Clear Channel plans to split-up

PanAmSat Holding goes public

Clear Channel Communications Inc

Comcast

The DIRECTV Group Inc

Echostar Communications (DISH Network)

PanAmSat Holding 

Sirius Satellite Radio Inc 

American Movie Classics v Time Warner

US Circuit Court strikes down FCC's anti-piracy rules

Private equity group wins bidding for leading
Spanish-language broadcaster

• $36.25 per share, $12.3B total

• Prior bid of $35.50 per share was rejected as too low
• Tops rival bid from Grupo Televisa
  (Mexican broadcaster and 11.4% owner of Univision)
• UVN stock chart

• Televisa won't roll over its 11.4% stake

• Schedule 13D amendment  7.05.06
• Merger agreement §3.8 (at page 13-14) addresses roll over by Strategic Stockholders
• Instead, Televisa seeks to have its stake bought out
• Univision response  7.06.06  

Announced 6.27.06

Buyout group

Advisors

Agreements

Cablevision proposes a $ 3B special dividend

• Follows controlling Dolan family abandoning their plans
  to split-up company and take cable business private

• See Cablevision Spin-off Going Private below
• CVC stock chart

• Plan for $3B special dividend was put on hold
  after discovery of financial covenant violations

• Form 8-K  12.19.05

• After compliance review, plan was reconsidered

• Form 8-K 1.31.06

• To settle shareholder lawsuits, special committee will be used to review the special dividend

• Form 8-K 3.28.06

Sells 33 radio stations for $1.2 billion

• Sold to consortium of:

• Cumulus Media
• Bain Capital
• Blackstone Group
• TH Lee Partners
• Private equity club deal

Sells cable and broadband businesses for $775 mm

• Sold to Comcast

Announced 10.31.05

• Press release
• Form 8-K summary

Combines satellite companies

$25 per PA share; $3.2 billion total

PanAmSat controlled by KKR-led buyout group

Announced 8.29.05

Advisors

Proxy solicitation

Agreements

SEC_CODE_REF_0090001192884

Dolan family made proposal to Cablevision

Dropped proposal

Would have taken sixth largest cable operator private

After first spinning off Rainbow Media Holdings
to all holders

Assumed total per share of $33.50

• Family has 20% of common, but 71% of the vote

Dolans would have owned 100% of Cablevision -
20% of Rainbow

• Cash payout financed by Merrill Lynch / Banc of America
• Anticipated $4.25 billion high yield offering

Advisors

Announced 6.20.05

Special committee formed

Agreements

Announces steps to increase shareholder value:

• 10% carve-out IPO of billboard business
• 100% spin-off of Clear Channel Entertainment
• $3.00 special dividend
• 50% increase in regular dividend

Advisors

Announced 4.29.05

Clear Channel Outdoor - Carve-out IPO

Agreements

Satellite broadcast company goes public

• $900 million common stock sold at $18 per share
• Offering summary
• Was acquired by KKR-led buyout group in 2004
• Before 2004 buyout, was 80.4% owned by DIRECTV
• DIRECTV squeezed out the public minority shareholders
  as first step in buyout
• Buyout summary (Short)
• Buyout summary (Long)
• Trading symbol: PA
• Simpson Thacher / Cravath

Final Prospectus 3.16.05

SEC Registration

Agreements

Employee Matters

AT&T Broadband / Comcast 2001

MediaOne Group / AT&T 1999

MediaOne Group / Comcast 1998

Tele-Communications Inc / AT&T 1998

Industries