Cablevision reduces loss

4 May 2007

Cablevision has reported a narrower loss for its first quarter, a day after the cableco agreed to be taken private by its controlling shareholders, the Dolan family. Net loss more than halved year-on-year to USD26.3 million, down from USD58 million last year, on the back of revenue growth of 12% to USD1.6 billion. The Dolan family controls the company’s shareholder vote through a special class of shares, but before the company can be taken private a majority of non-family shareholders must also agree to the plan. Cablevision executives have so far declined to say when a vote might be scheduled.

United States, Cablevision Systems (Optimum)