Cablevision Systems Corp. executives met with major shareholders this week to talk about strategic options for the company, but while many alternatives remain open they are not seeking to go private again or mount another major acquisition, an analyst said.
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Chris Marangi, a cable and entertainment analyst for Gabelli & Co. who was involved in the discussions, said one new thing Cablevision is considering is managing the operations of other cable systems for a fee.
It’s a tactic that could “potentially yield very large rewards with no capital investment and little risk” for the company, he told The Associated Press on Wednesday.
On Monday, Gabelli began hosting talks between Cablevision and several institutional investors in and outside of New York. Cablevision said last week it would talk with major shareholders to consider strategic alternatives including spin-offs or sales of assets. The diversified cable operator believes its stock price does not reflect the underlying value of its operations.
Gabelli, which holds about a 7 percent stake through Gamco Investors and Gabelli Funds, said the first round of talks is over but there’s more to come.
Cablevision spokeswoman Kim Kerns declined to comment on the talks.
Bethpage, N.Y.-based Cablevision is considered one of the best-run U.S. cable companies. But the company also has a number of non-cable assets, such as Madison Square Garden, cable channels including IFC and professional sports teams such as the New York Knicks. Cablevision recently bought the Long Island-based newspaper Newsday for $650 million and the independent Sundance Channel for $496 million.
Marangi said alternatives include spinning off Madison Square Garden, or the Rainbow Media Holdings programming subsidiary, or both. Cablevision could also sell Rainbow.
Cablevision is also considering returning capital to shareholders in the form of a special or regular dividend and stock repurchases, which could be funded by free cash flow or proceeds from an asset sale.
A renewed attempt to go private again is not on the agenda after Cablevision’s founding Dolan family failed to do so last October. The company tried to go private several times in recent years.
“Management is going to take the feedback they will get from these meetings back to the board of directors and decide on a strategic path shortly,” Marangi said. “All options are on the table within the constraints of the current credit environment.”
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