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Cablevision To Lay Off 600

27 Dec, 2001 By: Hive News

Cablevision Systems Corp. will lay off about 600 workers and take a $55 million one-time restructuring charge for the fourth quarter, primarily for severance, the company announced today.

The elimination of approximately 600 positions reduces Cablevision's fulltime workforce by about 4 percent, primarily in corporate, administrative and infrastructure functions across various business units of the company. In addition to employee severance, the restructuring charge includes expenses associated with facility realignment and other related costs.

"It is always very difficult to reduce staff, however, it is also imperative that Cablevision position itself to achieve maximum operational results,'' said Cablevision president and c.e.o. James L. Dolan. "Today's announcement is an outgrowth of a thorough strategic review of 2002 and beyond."

Cablevision's consumer telecommunications customer relations and field service operations are not expected to be affected.

Cablevision's cable television operations serve 3 million households in the New York metropolitan area. The company's offerings include high-speed Internet service and iO: Interactive Optimum, the company's newly introduced digital television offering.

Cablevision's Rainbow Media Holdings, Inc. operates programming businesses including American Movie Classics, Bravo, Fox Sports Net and other national and regional programming services. Cablevision owns and operates THE WIZ consumer electronics stores and Clearview Cinemas in the New York metropolitan area.

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