Cablevision Declares Dividend

Aug 15, 2008  •  Post A Comment

Cablevision Systems, which has been talking about doing something nice for its investors, on Friday declared a dividend of 10 cents per share of its Class A and Class B stock.
“Our strong performance and cash flow enable us to return value to shareholders through dividends,” said Cablevision President-CEO James Dolan. “The action is part of the process we have undertaken to enhance shareholder value as we continue to explore other options that we believe will help align the market value of the company’s common stock with Cablevision’s underlying operating performance.”
Some analysts say the sudden friendliness of the Dolan family, which founded and controls the cable operator, is the result of activist hedge fund manager Harbinger Capital acquiring a 4.9% stake in the company.
Cablevision execs, who had rarely met with investors previously, spent this week meeting with the company’s biggest shareholders and outlining possible actions to raise its share price.
In addition to declaring a dividend, some of the options reportedly discussed include buying back stock and spinning off assets including Rainbow Media and Madison Square Garden.


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