×

C’vision channels lessened losses

The New York-area cabler loss narrows

Cablevision Systems narrowed its quarterly loss as revenue increased 20% thanks to its national cable networks, AMC, IFC and WE: Women’s Entertainment.

The New York-area cabler, which also owns Madison Square Garden, the New York Knicks and the New York Rangers, said rev increased to $1.2 billion in the third quarter, ended Sept. 30. Net losses narrowed to $63.2 million from $106.9 million in the same quarter last year.

The nation’s sixth-largest cable operator held its own against satellite competition, adding 850 basic video subscribers in the quarter, as well as an impressive number of subscribers to additional services such as digital video, high-speed data and digital telephone.

“Cablevision continues to enjoy the industry’s leading penetration rate for high-speed data and now holds the industry’s highest digital television penetration rate,” topper James Dolan said.

With systems concentrated in the wealthier areas around New York, Cablevision takes more revenue per subscriber, on average, than any other operator. Company increased its take 14% in the third quarter to $83.89 per month per household from $73.38 a year ago.

Analysts were concerned growth might be slowed by a $90 promotional offer Cablevision offered over the summer for video, Internet and phone service. But execs said the offer has increased the average revenue per subscriber and said they will extend it indefinitely.

Revenue at Cablevision’s Rainbow Media division, which includes AMC, IFC and WE, as well as regional Fox Sports networks, grew 58% to $239.5 million due to increased advertising and affiliate fees.

The national cable nets are being spun off into a separate company, Rainbow Media Enterprises, which will contain Clearview Cinemas and the money-losing Voom high-definition satellite TV service.

With 26,000 customers, Voom lost $75.3 million in the quarter on $5.9 million revenue.

Dolan told analysts in a conference call that he was hopeful the spinoff would be completed in the fourth quarter.

More Scene

  • 'Schitt's Creek' Stars Reveal Dream Guest

    'Schitt's Creek' Cast Reveals Dream Guest Stars: Oprah, Beyonce and ...

    “Schitt’s Creek” has big dreams. Dan Levy, who stars as David on the series, says his wish list of guest stars includes Oprah, Beyonce, Mariah Carey and Gwyneth Paltrow. “All for different reasons, none of whom we’ll get,” he cracked at the Critics’ Choice Awards. For those who haven’t caught on to the “Schitt’s Creek” [...]

  • Barbra Streisand and Gisele Bundchen

    Barbra Streisand and Gisele Bündchen to Be Honored at UCLA Science Gala

    Science can be very glamorous. It certainly will be during Oscar week on Feb. 21 when the UCLA Institute of the Environment & Sustainability (IoES) honors Barbra Streisand and Gisele Bündchen for environmental activism at its annual Hollywood for Science Gala. “When I moved to LA, the air was unbreathable. Rivers were catching fire in [...]

  • Don Cheadle and Andrew Rannells Black

    Don Cheadle, Andrew Rannells Talk Snorting 'Coke' on 'Black Monday'

    “Black Monday” show creators David Caspe and Jordan Cahen divulged an intriguing detail to come later in the first season of the new Showtime comedy at its world premiere, held at the Theatre at Ace Hotel on Monday night in Los Angeles. “The fourth or fifth episode opens with a sexual harassment seminar, which very well [...]

  • Alfonso Cuaron attends the 44th Annual

    Alfonso Cuarón to LAFCA: 'Thanks to Your Help We Can Break Down Walls'

    Inclusion was the big winner at the L.A. Film Critics Association Awards, which was held Saturday night at the InterContinental in Century City. “This year’s winners are the most diverse in LAFCA’s 43-year history,” announced its president, Claudia Puig, adding that 14 out of their 18 awards were won by women and people of color. [...]

  • Mandatory Credit: Photo by Max Malandrino/REX/Shutterstock

    Hollywood Power Players Assemble to Save Iconic Deli Nate 'n Al

    A group of Hollywood executives and celebrities have banded together with the intent to save Beverly Hills deli and star haunt Nate ‘n Al, a stone’s throw from tourist destination Rodeo Drive. A consortium of investors including music kingpin Irving Azoff and wife Shelli, Universal Filmed Entertainment Group chairman Jeff Shell, and Rande Gerber and [...]

  • Charlie Collier, FOX Chief Executive Officer

    'The Passage' Team Talks Diversifying Races, Genders and Ages of Book Characters

    “The Passage” star Saniyya Sidney was unaware that the book version of her character was originally white until her father, a fan of Justin Cronin’s apocalyptic trilogy, informed her during the audition process. “I was like, ‘Oh, she is?'” Sidney told Variety at Thursday’s series premiere in Santa Monica, Calif. “And when I got it, [...]

More From Our Brands

Access exclusive content