Cablevision Systems reported a narrower third-quarter loss as it signed up more subscribers for its “triple-play” package of telephone, cable and Internet service.
Net loss shrank to $59.2 million fom a restated loss of $63 million a year earlier, the company said Wednesday. Sales rose 13% to $1.41 billion.
Company shares have gained 17% in the past month since the founding Dolan family offered to buy the company for $27 a share on Oct. 9.
Cablevision also operates Madison Square Gardens, the Rangers ice hockey team, the New York Knicks basketball team, Radio City Music Hall and cable channels including AMC, IFC and WE.
In related news, company revealed in an SEC filing that former Knicks coach Larry Brown will receive a $18.5 million settlement after being fired last June. Amount is less than the balance on his five-year, $50 million contract signed in July 2005.
Cablevision restated 2005 results after an inquiry found backdated stock-option grants.