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Cablevision Systems Corporation (CVC)

  • Fri, Apr. 17, 7:06 PM
    • As reports spread that Justice Dept. attorneys were likely to recommend blocking Comcast's (CMCSA -2.1%) $45B buyout of Time Warner Cable (TWC -5.4%), the cable companies both argued there was no basis to block the deal.
    • It'll mean "faster broadband speeds, access to a superior video experience, and more competition in business services resulting in billions of dollars of cost savings," according to a Comcast statement. "These benefits have been essentially unchallenged in the record."
    • Meanwhile, over at the FCC, 37 groups opposed to the deal wrote Tom Wheeler, the agency's chairman, saying that even conditional application of net neutrality regulation wouldn't soften their opposition. Signatories included Dish, Consumers Union, the Writers Guild of America, West, and Free Press; "they don't make any new arguments," Comcast responds.
    • Some volume came into competitive stocks and gave them a (relative) lift after the news: Charter Communications (NASDAQ:CHTR) came off lows to finish down 1.9%; Cablevision Systems (NYSE:CVC) rebounded to finish just -0.3%.
    • In February, BTIG analyst Rich Greenfield laid out why he thought the deal would ultimately get rejected.
    • Then shortly after the Justice Dept. news broke, Comcast noted it was bringing its top-speed 2-Gbps Gigabit Pro service to the California Bay Area. The company previously said it would launch the service in Atlanta (where Google Fiber and AT&T plan 1-Gbps service); it's setting June for the California launch, but still no word on possible pricing.
  • Tue, Mar. 31, 7:47 AM
    • Cablevision (NYSE:CVC) is planning to make an offer for the New York Daily News as early as this week, valuing the troubled tabloid at just $1, Reuters reports.
    • The bid takes into account the New York Daily News' reported $30M annual loss, $150M investment in a printing press and declining circulation that relies heavily on newsstand sales rather than on subscriptions.
    • Cablevision also owns suburban newspaper Newsday.
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  • Mon, Mar. 2, 8:23 PM
    • Les Moonves said on CNBC last month that CBS was "very happy being alone," and the CEO doubled down on that talk at the Morgan Stanley Technology, Media and Telecom conference.
    • Moonves says his COO tells him that CBS will be a $100 stock in four years, so buyers or merger partners like Time Warner (NYSE:TWX) or Viacom (VIA, VIAB) would have to pay "a very high price." CBS shares gained 4.5% Monday to close at $61.75.
    • He also expressed little concern about smaller cable bundles or any lack of negotiating power by eschewing a merger, saying CBS will be in every bundle. "People can't live without CBS ... We like the hand we're playing."
    • The company faces new negotiations with DirecTV (NASDAQ:DTV) and Cablevision (NYSE:CVC) at the end of the year.
    • Previously: AMC Networks finally looking for a deal? (Feb. 25 2015)
    • Previously: Cumulus higher in late trade as CBS M&A chatter flies (Feb. 24 2015)
    | 1 Comment
  • Aug. 26, 2013, 12:51 PM
    • A growing number of analysts think Cablevision (CVC +0.6%) should strike while the iron is hot to sell itself with shares at elevated levels.
    • The company's stock is at risk of falling off if a wave of M&A in the sector leaves the cable operator without a merger partner.
    • During the Cablevision's Q2 earnings call, CEO James Dolan seemed less standoffish than in the past when asked about the possibility of a sale. (transcript)
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  • Jun. 30, 2013, 1:50 AM
    Time Warner Cable (TWC) has reportedly contacted Cablevision (CVC) and Cox Cable about buying them as TWC looks to grow through acquisitions rather than be bought by John Malone's Liberty Media (LMCA), which owns 27% of Charter Communications (CHTR). While talks with Cox and Cablevision haven't led too far, the latter's founder and Chairman, 86-year Chuck Dolan, could be ready to sell. As for Liberty, TWC believes a tie-up for Charter would add too much debt and it is skeptical about prospective synergies.
  • Jun. 13, 2013, 11:13 AM
    Does a combination of Time Warner Cable (TWC +0.6%) and Cablevision (CVC +0.9%) make sense? It does to Comcast co-founder Julian Brodsky who sees consolidation picking up in the sector. He thinks BCI Broadband, Mediacom Communications, and Charter Communications (CHTR +0.4%) could also be in the M&A mix.
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  • Feb. 7, 2013, 5:55 PM
    As was previously reported, Cablevision (CVC) is selling its Optimum West unit to Charter (CHTR). Charter will be paying $1.625B in cash, or 8.9x Optimum West's Q3 annualized adjusted EBITDA (7x if one accounts for a tax benefit). The deal is expected to close in Q3. (PR)
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  • Dec. 21, 2012, 6:28 PM
    Time Warner Cable (TWC), Charter (CHTR), and private Suddenlink Communications have made offers to acquire Cablevision's (CVC) Optimum West/Bresnan cable services unit, sources tell Bloomberg. Initial bids for Optimum West, which was acquired for $1.37B in 2010 and services 300K customers in Montana, Wyoming, Colorado, and Utah, were due at the end of last week. A deal reportedly won't be announced until January or February. (previous)
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  • Nov. 16, 2012, 4:31 PM
    Cablevision (CVC +3.2%) spiked higher just before the close on a Bloomberg report claiming the company has hired JPMorgan and Citi to find a buyer for Bresnan Broadband, a cable provider operating in Colorado, Montana, and Wyoming. The sale process is said to be in the early stages. Cablevision bought Bresnan for $1.37B in 2010. Some think a Bresnan deal could kick-start a large-scale breakup of Cablevision.
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  • Mar. 15, 2012, 9:51 AM
    Recent actions by Cablevision (CVC -0.8%) CEO James Dolan spark speculation that the company could be taken private. Execs are bailing on the company in droves, prompting one industry vet to say, "There’s something going down when you lose the [head] of cable, the head of technology, the head of marketing and the head of operations."
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  • Jan. 3, 2012, 9:59 AM
    Shares of CableVision (CVC +4.4%) enjoy a boost after a Bloomberg article suggests the company as a potential takeover target for Time Warner Cable (TWC), Comcast (CMCSA) or Charter (CHTR). Even at a potential $23/share takeout, CVC would be valued at 7x EBITDA, "the industry’s lowest takeover multiple for a publicly traded target on record."
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  • Dec. 19, 2011, 10:34 AM
    More on Cablevision: While Citi's support is helping Cablevision recoup some of Friday's huge losses, doubts continue to exist about the the Dolan family's ability to run Cablevision competently in Rutledge's absence, given their history of infighting and questionable decisions. Concerns also exist about their willingness to sell the company, in spite of likely M&A interest.
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  • Dec. 16, 2011, 5:43 AM
    The surprise departure of Cablevision (CVC) COO Tom Rutledge, announced yesterday, has set off a flurry of speculation that the company could become an acquisition target. Without Rutledge at the helm to keep things running, the Dolan family, which controls the company, may opt to cut a deal with Time Warner Cable (TWC) or Comcast (CMCSA).
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  • Nov. 7, 2011, 9:05 AM
    Calevision (CVC) +2.6% premarket after an article in Barron's over the weekend suggests selling is overdone and the company could be a takeover target. After simplifying its corporate structure in the past two years, CVC "has become an attractive pure-play cable TV business" that could finally become a target for Time Warner Cable (TWC) or Comcast (CMCSA).
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  • Aug. 19, 2011, 3:04 AM
    Sprint (S) is reportedly talking with Comcast (CMCSA), Cox and Cablevision (CVC) about an investment in Sprint that would give it the cash to buy the shares in Clearwire (CLWR) it doesn't own. Alternatively, the cable firms could invest in Clearwire, which needs money for a $600M network upgrade, via Sprint.
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  • Jul. 6, 2011, 7:47 AM
    Cable operator Insight attracts final offers of over $3B in an auction, including from peers Mediacom and WideOpenWest, sources say. Time Warner Cable (TWC) remains interested but is unlikely to bid unless the price falls below $3B, while Cablevision (CVC) has dropped out.
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Company Description
Cablevision Systems Corp, through its subsidiary, CSC Holdings is a cable operator in the United States and operates through the segments: Cable, Lightpath, and Other.
Sector: Services
Industry: CATV Systems
Country: United States