Cablevision Loses 87,000 Q4 Video Subscribers27 Feb, 2016 By: Erik Gruenwedel
Cablevision lost 87,000 video subscribers in the fourth quarter (ended Dec. 31, 2015) to finish the period with 2.59 million subscribers. The Manhattan, N.Y.-based cabler ended the previous-year quarter with 2.68 million video subs. The tally was down 10,000 subs from the third quarter.
The cabler has aggressively sought to soften the loses by inking direct-access agreements with subscription video-on-demand services, including Netflix, CBS All Access, Hulu Plus and HBO Now. The company added 25,000 high-speed broadband subscribers from Q3; which was up 49,000 subs year-over-year.
Net income fell 42% to $32.1 million on revenue of $1.62 billion.
None of this probably matters to CEO James Dolan, whose father Charles founded the company in 1973. Dolan last September agreed to sell the cabler to European-based Altice N.V. for $10 billion. With the sale expected to close next quarter, the Dolan family reportedly could walk away with $2.2 billion. And it still controls Madison Square Garden and New York Knicks NBA franchise, among other assets.