×
You will be redirected back to your article in seconds

Gotham or nothing

Cablevision set to deal all non-N.Y. assets

NEW YORK — Cablevision Systems, the sixth biggest cable company, is looking to sell, swap or form a partnership for all of its non-New York area cable systems — systems that could be worth as much as $3.5 billion.

Cablevision, which has in recent years focused on a New York-centric strategy, said it is “pursuing strategic alternatives” for its systems in greater Boston (354,000 subscribers), Cleveland (311,000 subs) and Kalamazoo, Mich. (49,000 subs).

With cable systems trading as high as $5,000 per subscriber, these systems could be worth a total of $3.5 billion.

Cablevision, a publicly traded company controlled by Charles Dolan and son James Dolan, said it will use the money from outright sale or cash gained by partnership arrangements to improve the company’s balance sheet by reducing its level of debt.

Narrow window

Cablevision has set a short deadline of November by which to cut deals for its non-New York area properties.

A likely buyer for Cablevision’s Boston-area systems would be AT&T Broadband Internet Services. Cabler MediaOne currently owns Massachusetts systems near Boston, but AT&T is in the process of purchasing MediaOne.

AT&T and Cablevision are already business partners. AT&T owns one-third of the Beth Page, N.Y.-based Cablevision.

Time Warner would seem an obvious bidder for Cablevision’s Cleveland system. However, Paul Allen’s Charter Communications and cabler Adelphia have also been on buying binges lately.

Earlier this year, Cablevision signaled to analysts that it might part with its non-New York systems to concentrate on its Gotham strategy.

Other biz

In addition to serving 2.8 million cable subscribers in the New York area, Cablevision owns the New York Knicks, New York Rangers, Madison Square Garden, Radio City Music Hall, electronics retailer the Wiz, Clearview Cinemas, Fox Sports Net New York, MSG Network, News 12 and the MetroChannels.

“Concentrating on one market where Cablevision has live and televised sports and entertainment offerings backed by a state-of-the-art broadband network will allow the company to execute an aggressive, competitive strategy,” James Dolan said.

Bear, Stearns & Co. and Merrill Lynch have been retained to advise the company.

More Biz

  • Pete Frates, who is stricken with

    Pete Frates, Inspiration for The Ice Bucket Challenge, Dies at 34

    Pete Frates, the inspiration behind 2014’s wildly successful ALS movement, the Ice Bucket Challenge, died on Monday. He was 34.  The historic Ice Bucket campaign raised over $115 million to combat ALS, or Lou Gehrig’s disease, which Frates also suffered from.  “Pete never complained about his illness,” his family said in a statement.  “Instead, he [...]

  • CBS HEADQUARTERS

    ViacomCBS Will Explore Sale of Black Rock CBS Headquarters

    ViacomCBS will explore the sale of the famous Black Rock building, which has served as the headquarters of CBS since the mid 1960s. Bob Bakish, CEO of the company, which was created last week from the merger of CBS Corp. and Viacom Inc., said the newly combined entertainment conglomerate would explore the sale of sundry [...]

  • The recipients of the 42nd Annual

    Heartfelt Tributes Trump Politics at Kennedy Center Honors

    WASHINGTON, D.C. — Political chatter was kept to a minimum Sunday night as the Kennedy Center Honors presented elaborate tributes to “Sesame Street” — made more poignant by the death of legendary puppeteer Caroll Spinney earlier in the day — as well as Sally Field, Linda Ronstadt, Earth, Wind and Fire and conductor Michael Tilson [...]

  • Chris Cornell’s Widow Sues Soundgarden

    Chris Cornell’s Widow Sues Soundgarden Over Royalties, Unreleased Recordings

    A long-simmering battle between Chris Cornell’s widow and the other members of Soundgarden broke into the open Monday morning when Vicky Cornell announced that she is suing the group over hundreds of thousands of dollars in allegedly unpaid royalties and the rights to seven unreleased recordings made before the singer’s death in May of 2017. [...]

  • Stephen Colbert Julia Louis-Dreyfus

    Julia Louis-Dreyfus Talks 'Seinfeld,' 'Sexist' Environment at 'SNL' in Q&A With Stephen Colbert

    Stephen Colbert and Julia Louis-Dreyfus swapped stories about “Saturday Night Live,” Northwestern University, “Seinfeld” and the possibility of running for office during a Q&A held Saturday as part of Montclair Film Festival’s annual “Evening with Stephen Colbert” fundraiser. Colbert, a Montclair resident, has long been a booster of the festival, which is going into its [...]

  • 2019 Kennedy Center Honoree singer Linda

    Linda Ronstadt to Mike Pompeo: Stop 'Enabling' Donald Trump

    WASHINGTON, D.C. — Linda Ronstadt, one of this year’s Kennedy Center Honorees, had sharp words for Secretary of State Mike Pompeo on Saturday night during a State Department reception for the Kennedy Center kudos. Ronstadt and Pompeo faced off in the U.S. State Department’s ornate diplomatic greeting rooms at the traditional event that precedes Sunday’s [...]

  • pharrell brain child show

    'Blurred Lines' Flares Up Again - Marvin Gaye Family Claims Pharrell Perjured Himself

    Like a zombie that just won’t stay dead, the “Blurred Lines” case keeps coming back. While the 2015 verdict, in which Pharrell Williams, Robin Thicke and the song’s publisher were ordered to pay nearly $5 million to Marvin Gaye’s family for infringing upon the late singer’s 1977 hit “Got to Give It Up,” was basically [...]

More From Our Brands

Access exclusive content