Cablevision 2Q Net Falls 69% Amid Acquisitions
DOW JONES NEWSWIRES The cable television firm - which also owns the New York Knicks and the New
York Rangers - reported net income of Revenue climbed to The mean estimates of analysts polled by Thomson Reuters were for per-share
earnings of Cablevision shares rose to In the Madison Square Garden business, which includes the sports teams, revenue rose 9.2%, while operating income fell 8.6%. At Cablevision's telecommunications business - by far the company's largest - revenue jumped 9.2% amid 33% earnings growth. Operating income at Optimum Lightpath-branded commercial data and voice services swung to a profit amid a 20% increase in revenue. Cable TV revenue climbed 9%, while operating income rose 30%. Subscribership grew across the board. Cablevision has been among the most successful cable companies at expanding
beyond TV service to sell high-speed Internet and telephone subscriptions.
Still, its cable business has been beset by The company's Rainbow unit - which includes channels such as AMC, IFC and News 12 - saw revenue up 15%, with operating income more than doubling. In the past few months, Cablevision has unnerved investors by going on a wide-
ranging treasure hunt for potential acquisitions. Investors have said the stock
is afflicted by the "Dolan discount," a reference to the Dolan family, the
company's controlling shareholder. They fret that Chief Executive In May, the company beat Last month, Cablevision also closed its purchase of the Sundance Channel in a
cash-and-stock deal initially valued at -By Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http:// www.djnewsplus.com/al?rnd=%2B%2B0A4EKn7ZlAi6szOQUadw%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones Newswires |
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