Cablevision Posts Loss on 'Newsday' Buy26 Feb, 2009 By: Chris Tribbey
Cablevision Systems posted a fourth-quarter (ended Dec. 31) loss of $321 million, mostly due to its $650 million acquisition of Newsday, the company reported Feb. 26.
During the same period in 2007, the company posted a profit of more than $8.5 million.
Cablevision, which offers cable services in the New York, New Jersey and Connecticut areas, lost nearly 4,000 basic cable subscribers during the quarter, but added more than 22,000 digital video subscribers. The company made about $135 per video customer during the quarter.
“Our ongoing success in attracting new customers ensured our industry-leading penetration rates throughout the year,” said company CEO and President James Dolan.