Cablevision plans to sell Clearview Cinemas
Cablevision Systems Corp. said it wants to exit the movie theater business.
"We think someone else could do better with that asset than we could,'' Chief Financial Officer Gregg Seibert said on a conference call with analysts Thursday. "Hopefully it will be a robust process."
The announcement came as Cablevision reported a sharp drop in earnings during the first quarter, when net income fell to $54 million compared to $104 million from the same time a year ago. Revenue was $1.7 billion, about the same as the first quarter of 2011.
The results reflected the sale of AMC Networks last year and an increase in spending to upgrade its network.
While Cablevision added more subscribers than expected -- 7,000 basic video subscribers -- shares in the company fell by more than 8% during early trading Thursday after results were reported.
-- Richard Verrier
Photo: Cablevision Chief Executive Jim Dolan. Credit: Kathy Willens / Associated Press