Cablevision Systems’ stock will migrate to the New York Stock Exchange Dec. 7, leaving the smaller AMEX market where it currently trades. Shares of the Bethpage, N.Y.-based media group rose on the news, closing up 3% at $73.31. The company owns cable systems and New York entertainment and retail assets including Madison Square Garden, Rainbow Media Holdings, Radio City Music Hall, Clearview Cinemas and Nobody Beats the Wiz.
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Media stocks were lively on Friday. Viacom and CBS both rose about 5% to $52.75 and $54.56, respectively. Seagram continued a nice run, gaining 6% to close at $44. Some Wall Streeters speculated the runup may come ahead of next week’s PaineWebber Media Conference, a giant, five-day affair held in New York, where media and entertainment CEOs present their companies to investors and analysts. The meeting often makes news and moves stocks. Viacom chief Sumner Redstone and Seagram topper Edgar Bronfman Jr., will both speak today.