The first try failed. The second time? Same result. On Wednesday, however, Cablevisions Systems Corp. announced that it reached a deal to be acquired by its founding family, the Dolans, for $10.6 billion in cash. It was the Dolans' third try.

The deal hits a price of nearly $23 billion with the addition of debt.

Stockholders of the Bethpage-based cable giant would receive $36.26 per share if approved by regulators and approved by the owners of a majority of the Class A shares not already owned by the Dolan family.

Charles Dolan, Cablevision's chairman, and James Dolan, his son and CEO, said in a joint statement that the move will enable the company to stay on the forefront of the industry. "This new structure and an entrepreneurial perspective will enable us to keep growing the business."

Cablevision, the parent company of News 12, was founded 36 years ago and first went public in 1986.