Cablevision Loses 5,000 Video Subs9 May, 2013 By: Erik Gruenwedel
Cablevision, the New York-based cable operator with about 5 million subscribers, May 9 said it lost 5,000 video subscribers in in the first quarter, ended March 31. It ended the period with 2.8 million video subs.
The cable operator reported a net loss of more than $16 million, compared to net income of $57.2 million during the previous-year period. CEO James Dolan attributed much of the loss due to the impact of Hurricane Sandy, stock based compensation and litigation expenses related to the Voom settlement with Dish Network.
Cablevision recently agreed to sell cable operator Optimum West to Charter Communications for $1.6 billion in cash. It is also selling its Clearview Cinemas movie theaters to Bow Tie Cinemas.
Total revenue fell less than 1% to $1.52 billion.