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Cablevision reiterates plan to explore options

What You Should Have Read, August 5, 2008

Published on .

Cablevision reiterates plan to explore options

MarketWatch reports that Cablevision revealed that its board of directors has authorized its management to explore "several strategies" to raise its stock price, and reiterated its plans announced during the company's earnings call last week to explore various options, including the possible spinoff of one or more of its businesses. James Dolan, CEO said the company will "actively explore alternatives" to "close the value gap between our operating performance and the market value of ... our stock." Mr. Dolan and his father, founder Charles Dolan, have twice tried to take the company private, only to be rebuffed by shareholders, who wanted a higher price. Cablevision's assets include its Rainbow Media cable networks, such as AMC, Independent Film Channel, WE: Women's Entertainment and regional sports channels. The company also owns Madison Square Garden -- which includes the New York Knicks, the New York Rangers, the MSG regional sports network and other assets. Cablevision also operates newspaper publisher Newsday Media Group, following its $650 million purchase of Newsday from Tribune Co. The acquisition closed in July.
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