CNBC’s David Faber is on a roll. Yesterday he broke the News Corp. bid for Dow Jones. Today he breaks that the Dolan family is going to try to take Cablevision private. Faber reported this news at 9am during “Squawk on the Street” according to the CNBC transcript…

THE BOARD OF DIRECTORS OF CABLEVISION HAVE AGREED TO A DEAL UNDER WHICH THE CONSULTING FAMILY OF THE COMPANY, THE DOLANS WILL TAKE THE COMPANY PRIVATE IN A DEAL WORTH $36.26 A SHARE. I DIDN’T MISSPEAK. 26 CENTS. ALTHOUGH IT IS ALMOST EXACTLY A 21% PREMIUM TO THE DOLANS’ LAST OFFER FOR THE COMPANY WHICH WAS $30 A SHARE WHICH WAS REJECTED BY THE SPECIAL COMMITTEE REPRESENTING A CABLEVISION SHAREHOLDER. SPECIAL COMMITTEE OF THE BOARD OF DIRECTORS. THIS WAS AN INTERESTING AND LONG NEGOTIATION THAT’S GONE ON HERE. REMEMBER, THE DOLANS HAVE BEEN TRYING TO TAKE THEIR COMPANY PRIVATE FOR YEARS NOW. THEY HAD A PLAN A NUMBER OF YEARS, A COUPLE OF YEARS BACK ALREADY WHERE THEY WOULD SPLIT THE COMPANY INTO ITS COMPONENTS, RAINBOW, AND THEN TAKE THE CABLE COMPANY PRIVATE. THEN THEY CAME BACK WITH THE LATEST PRIVATIZATION PLAN EARLIER THIS YEAR AT 30.

THEY HAD ACTUALLY ALSO OFFERED ONE AT 27 PREVIOUSLY. NOW THE DEAL IS DONE. THE BOARD HAS VOTED THIS MORNING AND IT IS DONE. WE SHOULD HEAR SOMETHING SPECIFIC IN TERMS OF A PRESS RELEASE IN THE NOT TOO DISTANT FUTURE. $36.26. A REAL QUICK LOOK INTO THE NUMBERS HERE. IT COMES OUT TO ABOUT $5,000 PER SUBSCRIBER. THAT’S THE BIGGEST NUMBER WE’VE SEEN FOR A LARGE CABLE SYSTEM EVER. THAT MAY HAVE A POSITIVE IMPACT ON THE LIKES OF COMCAST. WE’LL KEEP AN EYE ON THOSE SHARES. THAT’S THE LARGEST SINGLE CABLE COMPANY. CABLEVISION HAS HAD A GREAT DEAL OF SUCCESS INTRODUCING PHONES, TELEPHONY TO ALL OF ITS SUBSCRIBERS. IT’S HAD VERY STRONG BROADBAND PENETRATION. MOVED VERY QUICKLY DOWN THE DIGITAL PATH AND HAS SOME OF THE LARGEST OR HIGHEST AVERAGE REVENUE PERUSER IN THE INDUSTRY. AND ALSO HAD A PRETTY GOOD GROWTH RATE. AS FOR THE DEAL ITSELF, IT’S A HUGE LEVERAGED BUYOUT WITHOUT THE PRESENCE OF ANY PRIVATE EQUITY FIRMS. THE DOLANS WILL BE BORROWING THE LIKES OF $15.5 BILLION TO GET THIS DEAL DONE. THEY’LL ROLL THEIR EQUITY IN, ABOUT $2.1 BILLION WORTH OF EQUITY. THEY’LL BUYOUT THE REMAINDER OF THE EQUITY AND KEEP A LOT OF DEBT IN PLACE. THE OVERALL ENTERPRISE VALUE OF THE DEAL, 23 BILLION, BORROWING 15-1/2 BILLION IN NEW FUNDS. BEAR STEARNS, MERRILL LYNCH AND BANK OF AMERICA ARE LETTING THAT HAPPEN.