Cablevision Systems Corp. signed an agreement to buy assets of CATV Enterprises Inc. from Westinghouse Electric Corp.’s Westinghouse Broadcasting Co.
The company said it will buy CATV assets in Riverdale, Bronx, following the expiration of CATV’s temporary permit to operate its cable system.
The agreement ensures that CATV’s subscribers will continue to have cable service available to them with as little inconvenience as possible and without any interruption of service.
CATV has been operating a cable television system in Riverdale under a temporary permit issued by the City of New York in 1965 and extended periodically since then.
The temporary permit only authorized the non-franchised CATV to provide temporary cable television service to Riverdale residents until the franchised cable operator, Cablevision of New York City, completed construction of its cable system in the area.
CATV Enterprises Inc. has been managed and is 49% owned by Westinghouse Broadcasting Co.’s Group W Satellite Communications unit.
The remaining 51% stake is owned by the estate of a CATV founder.