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Oct 8, 2001  •  Post A Comment

Cablevision Systems slashes 2001 forecast
New York-Citing lower-than-expected advertising revenues, Cablevision Systems on Friday lowered its 2001 earnings forecast, sending its stock down 11 percent to $39.67. It also said it is evaluating financing requirements for 2002-which could include asset sales, borrowing under existing bank facilities, reducing capital expenditures or issuing more debt to bolster its balance sheet. Cablevision also canceled plans to sell $1 billion of convertible preferred stock. But it said AT&T still has the right-and still is expected to exercise that right-to sell up to $1 billion of Cablevision Class A common stock. Cablevision cut its 2001 pro forma cash flow growth estimates to 6 percent to 8 percent-below the 7 percent to 9 percent growth originally expected. The company, which services 3 million New York-area subscribers, also said pro forma cash flow growth for high-speed data and telephony will come in at 10 percent to 12 percent-less than the 11 percent to 13 percent originally expected.
FAA urged to lift ban on news helicopters
Washington-Media executives urged the Federal Aviation Administration on Friday to lift its ban on news helicopter flights in the nation’s 30 largest cities. The ban was prompted by the Sept. 11 terrorist attacks. Joining in the request were representatives of the Radio-Television News Directors Association, TV networks, local stations, the National Association of Broadcasters, the National Broadcast Pilots Association and the helicopter industry. The agency worries that terrorists might commandeer choppers and said it’s difficult to monitor the aircraft because they move unpredictably. The journalists said choppers are an essential news-gathering tool and that security can be guaranteed.