Cablevision loses subs to FiOS
November 7, 2008
Cablevision Systems swung to a profit in the third quarter helped by additions to its Internet and phone subscribers during the period.
The company had a net profit of $27.1 million, compared with a loss of $79.3 million a year ago. Revenue grew 15.4 percent to $1.745 billion partly bolstered by the additions of Newsday newspaper and Sundance cable network, which it bought earlier this year.
Cablevision, which faces fierce competition from Verizon Communication's FiOS TV digital service, lost 19,000 basic video subscribers during the quarter.
Cablevision added 58,000 digital phone subscribers and 31,600 high-speed Internet subscribers. Cablevision also added 25,000 digital video subscribers during the quarter.