Cablevision plans to sell Clearview Cinemas
This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.
Cablevision Systems Corp. said it wants to exit the movie theater business.
The Bethpage, N.Y.-based cable company said it plans to sell its Clearview Cinemas circuit, which has 230 screens in 45 locations, to concentrate on its core 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.
RELATED:
Fox says no to Cablevision’s latest offer
Cablevision makes Fox offer it hopes it can’t refuse
Cablevision CEO wants sitdown with FCC
-- Richard Verrier
