Cablevision
Cablevision Systems Corporation was an American cable television company with systems serving areas surrounding New York City. It was the fifth-largest cable provider[2] and ninth-largest television provider in the United States.[3] Throughout its existence and in its final years, Cablevision exclusively served customers residing in New York, New Jersey, Connecticut, and a small part of Pennsylvania. However, at one time it provided service in as many as 19 states. Cablevision also offered high-speed Internet connections (Optimum Online), digital cable (Optimum TV/IO Digital Cable), and VoIP (Optimum Voice) phone service (the eighth-largest telephone provider in the U.S.)[4] through its Optimum brand name. Cablevision also offered a WiFi-only mobile phone service dubbed Freewheel.
This article is about the defunct American cable television system operator. For other uses, see Cablevision (disambiguation).Company type
NYSE: CVC
1973
June 21, 2016
Acquired by Altice
Bethpage, New York, U.S.
Charles F. Dolan
(Chairman)
James Dolan
(CEO)
Brian Sweeney
(President)
Cable
(Internet)
(VoIP Phone)
(Business)
Optimum TV (Television)
Optimum Online (Internet)
Optimum Voice (VoIP Phone)
Optimum Lightpath (Business)
News 12
Newsday
amNewYork
MSG Varsity
$ 6.461 billion (2014)[1]
$921.25 million (2014)[1]
$311.44 million (2014)[1]
$6.765 billion (2014)[1]
−$5.041 billion (2014)[1]
13,656 (Sept 2015)[1]
Telecommunications Services
On June 21, 2016, Cablevision was acquired by European telecom conglomerate Altice. The former Cablevision services operate under Altice USA which continues to operate brands Optimum Online, Optimum Voice, and Optimum TV.
The Madison Square Garden Company[edit]
In 1994, Paramount Communications (formerly Gulf+Western), the owner of Madison Square Garden, was acquired by Viacom, who in turn sold the MSG properties to Cablevision and ITT Corporation, which had 50% ownership each. ITT would sell its share to Cablevision three years later.
On February 9, 2010 Cablevision spun off its subsidiary Madison Square Garden, L.P. into a new company named The Madison Square Garden Company (MSG). Although a separate company, it was run by the Cablevision CEO, James Dolan. He remained an important figure in both companies until Cablevision's sale in 2016, and continues to head MSG. The company has three divisions consisting of professional sports teams, two regional sports networks, and several entertainment venues.[20]
MSG controls its namesake Madison Square Garden arena in New York City, and the professional sports teams that play there: the New York Knicks, and New York Rangers. The same company also owns the Hartford Wolf Pack, a Hartford, Connecticut based minor-league professional hockey team affiliated with the Rangers.
MSG also holds the TV rights for the Knicks, Rangers, New York Islanders, New Jersey Devils, Buffalo Sabres and New York Red Bulls through their cable channels MSG Network, MSG Plus (formerly FSN New York), and MSG Western New York. Cablevision previously had the rights to the New York Yankees, New Jersey Nets and New York Mets, who left to start their own channels. Cablevision also previously attempted to purchase the Yankees,[21] Mets[22] and Boston Red Sox,[23] in part, to control their broadcast rights.
Other properties that are owned by MSG include the Beacon Theatre,[24] The Theatre at Madison Square Garden (formerly known as Felt Forum, Paramount and WaMu Theatre), and a long-term lease to operate Radio City Music Hall.
Cable Networks[edit]
AMC Networks[edit]
On July 1, 2011, Cablevision spun off its subsidiary, formerly known as Rainbow Media LLC, into a new company named AMC Networks. AMC Networks owns several national cable networks including AMC, IFC, Sundance Channel, and WE tv. Wedding Central, a cable channel that was launched as a spin-off of WE tv in 2009, was also run by Rainbow Media. However, upon AMC Networks achieving its independence of Cablevision, the channel was shut down due to low ratings.[25] Rainbow Media also controlled Fuse TV until 2010, when ownership was transferred to Cablevision's Madison Square Garden division, now operating independently as The Madison Square Garden Company (see above). The Rainbow Media subsidiary of Cablevision also operated a satellite television company called Voom, which was shut down on April 30, 2005, but lived on as a series of high-definition television channels named Voom HD Networks. They were available on Cablevision and iO digital cable until January 21, 2009. However, the 15 U.S. channels were eventually also shut down due to lack of distribution prior to the spinning off of Rainbow Media from Cablevision as the independent AMC Networks.[26]
SportsChannel[edit]
Cablevision also owned the former SportsChannel America from its beginning in 1976 until it was dissolved into Fox Sports Net in the late 1990s. In 2007 Cablevision sold its control of FSN Bay Area and FSN New England to Comcast for $570 million.[27] These were the last of their regional sports networks outside the New York area.
Other properties[edit]
Cablevision acquired the New York-area electronics chain The Wiz in 1998. The chain was closed in 2003. Since then the name was sold to P. C. Richard & Son and currently remains as a dormant subsidiary of the company only showing Wiz Deals on some P.C. Richard items.
From 1998 until April 29, 2013, Cablevision owned New York-area cinema chain Clearview Cinemas. It was sold to Bow Tie Cinemas of Connecticut.
On July 29, 2008, Cablevision acquired Newsday and amNewYork in a deal worth $650m.[28][29] The Dolan family still maintains majority ownership of Newsday, with Altice USA having a 25% share.
Corporate governance[edit]
At the time of the sale to Altice, the board of directors of Cablevision were: Charles Dolan, James Dolan, Patrick Dolan, Kristin Dolan, Marianne Dolan Weber, Rand Araskog, Frank Biondi, Charles Ferris, Richard Hochman, Victor Oristano, Thomas Reifenheiser, John R. Ryan, Brian Sweeney, Vincent Tese, Leonard Tow.
In 2006, the Dolan family announced a plan to purchase the company and privatize it, after a failed attempt in 2005, which would have spun off Rainbow Media as a publicly traded company.
On May 2, 2007, after repeated attempts, the Dolan family announced that a deal worth $10.6 billion had been reached for Cablevision to be taken private, but agreement was not reached with other shareholders.[53] Cablevision stock trades under the ticker symbol CVC on the New York Stock Exchange.
Financial records[edit]
On November 11, 2003, the company admitted that it had misrepresented some of its finances. It would restate its previously reported financial statements for the first and second quarters of 2003, and would revise the quarterly financial results released that day, to reflect the impact of expenses totaling approximately $15 million that were improperly recorded in 2002 and earlier periods.[54] On March 2, 2004, the company also said it would restate annual results for 2000 to 2002, in addition to its previously announced restatement of quarterly results in 2002 and 2003.[55]