A day before its scheduled 1Q earnings report, Cablevision has accepted the Dolan family’s $10.6 billion offer to be taken private, concluding a two-year effort by the cable-TV company’s founders to obtain full ownership of the company, Bloomberg reported. Including debt, the transaction is valued at about $22 billion, the company said. Chairman Charles Dolan and his son, James, the company’s CEO, will pay $36.26 a share for the Bethpage, New York-based company. The pair’s previous $30 bid was rejected in January. The offer is an 11 percent premium to yesterday’s close. The deal for Cablevision includes cable systems throughout New York state, ownership of Madison Square Garden, Radio City Music Hall, the New York Knicks and the New York Rangers hockey team.

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Update:  Here’s some additional details from Cablevision’s release: The deal calls for the Dolans to contribute $2.1 billion in equity through reinvestment of its Cablevision shares in the new privately held company. Merrill Lynch, Bear, Stearns and Bank of America will provide roughly $15.5 billion in debt financing to fund the merger. Still, it’s not done yet. The transfer is conditioned on a “majority of the minority” voting provision, which requires approval by holders of a majority of Cablevision’s outstanding Class A shares not held by the Dolan Family Group or Cablevision’s directors and executive officers.  Regulatory approvals are also required to complete the transaction.

WSJ: The Dolans’ unwavering desire to take Cablevision private is predicated on their belief that the hard years of investment in system upgrades for new digital services and high-speed internet access are over. Therefore, despite increased competition from phone companies and the broadband services on the TV front, the Dolans expect the company to generate significantly greater cash flow amounting to hundreds of millions of dollars annually. The Journal notes that Cablevision was the first major cable provider to offer such a wide panoply of packaged services, including digital TV, phone and high-speed Internet, giving it a potential leg up on its larger rivals, such as Comcast and Time Warner Cable.