Cablevision, the family-controlled telecommunications, media and entertainment company, has hired a top Merrill Lynch executive to work on the company's overall corporate strategy.
Reporting to president and CEO James L Dolan (pictured), Gregg Seibert will join Cablevision as an executive vice president and oversee its treasury and investor relations functions.
The company is highly leveraged to the tune of $11 billion and has a $1.7 billion debt repayment due in April. However, it managed to raise approximately $500 million from investors last week which sent its share price soaring.
Analysts anticipate that the ruling Dolan family will follow a more conservative path than in 2008 when it spent $650 million on acquiring 97% of Newsday Media Group.
James, son of Cablevision founder Charles Dolan, said the business was fortunate to be able to add such a respected and experienced individual as Seibert to the executive team, which he claims is now the preeminent executive team in the media industry.
"Gregg has a substantial knowledge of the cable and telecommunications industries, as well as more than 20 years of experience in developing, executing and managing complex financial transactions and relationships," he said.
Dolan family acquires Newsday Media Group