Hedge Fund Ups Cablevision Stake

Aug 22, 2008  •  Post A Comment

Harbinger Capital Management, a New York hedge fund, increased its stake in the Dolan family’s Cablevision, the Wall Street Journal reports. The hedge fund now has 18.95 million shares, or 8.1% of the company, after having raised its stake to 4.9 percent in the second quarter, the paper reports. The increased investment is a sign that Harbinger plans to put more pressure on the Dolans, who in the past have been criticized for not responding to shareholder interests, the Journal says. Lately Cablevision has been more shareholder friendly, meeting with investors and issuing a quarterly dividend for the first time. The stock has jumped 25 percent this month.
—Greg Baumann

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