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Cablevision buys stake in U.S. Cable

Cablevision Systems Corp.’s V Cable unit completed the purchase of a 20% stake in U.S. Cable Television Group.

Terms weren’t disclosed.

Cablevision, which is based in Woodbury, N.Y., announced its acquisition in December 1991.

Cablevision operates U.S. Cable’s systems, which serve 202,000 subscribers and will retain operating rights. U.S. Cable is the 44th largest MSO and is based in New York City.

Cablevision, the nation’s fourth-largest cablecaster, said V Cable owns an effective 84.8% interest in a new subsidiary which holds substantially all of V Cable’s assets.

Beginning in 1997, V Cable will have the option to exchange its 20% interest in U.S. Cable for the remaining interests in the new V Cable subsidiary, subject to certain conditions.

G.E. Capital Corp., a unit of General Electric Co., has provided new long-term credit facilities to both V Cable and U.S. Cable, secured by the assets of both entities.

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