The Daffy Dolans Crunching Cablevision

But the move failed to lure big buyers like Time Warner (TWX) and Comcast (CMCSA). And in their own Tuesday morning press release, they indicated that they just want to treat all shareholders equitably.

"Despite good faith negotiations over the past four months, it has become clear that we will be unable to reach agreement with the Special Transaction Committee on the terms of our proposal," they said.

"We continue to have full faith and confidence in the near and long-term prospects of the Company and remain committed to the goal of providing value to all shareholders," the Dolans said in their letter to the Board. "In addition, we recognize from the strength of the financing commitments received in connection with our proposal that the credit markets currently value the Company's growing cash flow to a greater extent than the equity markets. This recommendation is driven by a desire to treat all shareholders equally, to provide clarity for the Company's security holders and to take advantage of the robust credit markets and attractive interest rate environment."

Given the Dolans' 20% stake in Cablevision, a $3 billion dividend would net them in the neighborhood of $600 million.

On Tuesday, Cablevision was down $3.38 to $24.12.

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