Damage Offset by Settlement Coin From Dish
A $110 million hit from Hurricane Sandy was more than offset by double that in settlement coin from Dish Network, boosting Cablevision’s net income to $116 million last quarter from $60 million a year ago.
Revenue dipped 1.6% to about $1.7 billion.
The $200 million from Dish flowed from a New York courtroom standoff over high-definition TV service Voom. The settlement amount isn’t finalized and has been split with AMC Networks.
And Cablevision may find itself back in court after launching a high-profile lawsuit against Viacom earlier this week accusing the conglom of unlawfully bundling its networks.
The New York-area cabler said cable advertising revenue rose 17%.
It ended year with 3.6 million subscribers.
Cable television revenue fell 2.2% to $1.5 billion in large part on the impact of Sandy and declining video subs. Operating income plunged 73%.
The cabler lost 50,000 net video subs in the quarter, 5,000 high-speed subs, and 10,000 voice. Some 11,000 net were lost in the worst hit areas of the storm where houses disappeared and customers couldn’t be reached, although the overall impact was more widespread.