Cablevision Roadshow Update
11:20 AM -- Execs at Cablevision Systems Corp. (NYSE: CVC) have wrapped up a three-day adventure with investors to discuss a wide range of strategic options. (See Cablevision Road Show?.) While the spinning off of some properties remains a probability, Cablevision told investors it won't move on any "major acquisitions," The Wall Street Journal reports today.
Earlier this month, Cablevision made a surprise announcement that it would seek out ways to boost its shareholder value through quarterly dividends and stock buybacks. Cablevision is also exploring the spinning off of some non-core assets. (See Cablevision Spinning Options .)
"The entire range of strategic options was considered. Management seemed open and forthright," an investor told the paper.
Liberty Media Corp. (NYSE: LMC) reportedly would be interested in Rainbow Media LLC if the Cablevision subsidiary were put on the block. Rainbow's stable includes AMC, IFC, Sundance Channel, WEtv, and hi-def programmer Voom.
Update: On Friday (Aug. 15), Cablevision announced some official progress on the "options" front. Its board declared a quarterly dividend of $0.10 per share on each outstanding share of both its NY Group Class A Stock and its NY Group Class B Stock. The dividend will be payable on Sept. 18, 2008, to shareholders of record at the close of business on Aug. 26, 2008. (See Cablevision Does Dividends.)
— Jeff Baumgartner, Site Editor, Cable Digital News