Hedge Fund Gobbles Up Cablevision Stock

Aug 14, 2008  •  Post A Comment

Hedge Fund manager Harbinger Capital said it acquired 11.45 million shares of Cablevision Systems during the second quarter, making it the fifth-largest outside shareholder in the cable operator.
Analyst Richard Greenfield said he believes that the Harbinger investment may be one reason why the Dolan family, which controls Cablevision, has suddenly become more shareholder friendly.
Cablevision executives led by CEO James Dolan met with the company’s top investors this week, outlining plans that could raise its stock price, including spinning off its Rainbow Media and Madison Square Garden units.
Harbinger is known as an activist investor that has taken recent interests in Media General and the New York Times, according to Mr. Greenfield. It now owns 4.9% of Cablevision.
“While the Dolans’ control of CVC prevents any major hostile actions, we believe the Dolans may be trying to head off a public ‘war-of-words’ in the media and/or proxy battle for the independent board seats at CVC,” he said in a research note posted Thursday morning.
The Dolans recently added two more family members to Cablevision’s board of directors.
(Editor: Baumann)


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