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Losses Spur Cablevision Cuts
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Business New Haven
8/19/2002
By: BNH
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The cable-television company that serves Fairfield County and parts of New Haven County has announced plans to pare seven percent of its workforce and sell assets, including 26 unprofitable Wiz stores.
Cablevision Systems Corp. (NYSE: CVC) of Bethpage, N.Y., said it will reduce capital expenditures for 2003 by between $350 million and $450 million - nearly half of the $1 billion it will spend during the present calendar year.
Cablevision operates three franchises in Connecticut: Cablevision of Litchfield Inc.; Cablevision of Connecticut LP, which serves Greenwich north to Westport and Redding; and Cablevision Systems of Southern Connecticut LP, which operates in Bridgeport, Fairfield, Milford, Orange, Stratford and Woodbridge.
Cablevision also owns the electronics store the Wiz, at 330 Connecticut Ave. in Norwalk. The company previously operated a store at the Connecticut Post Mall in Milford.
Cablevision reported a second-quarter loss of about $98 million and said it may lose one percent of its three million subscribers this year as some customers switch to satellite TV services.
Cablevision is also the subject of a lawsuit by the Yankees Entertainment & Sports (YES) network, which alleges the cable company's refusal to negotiate to carry the YES network is an attempt to monopolize the New York sports market.
Cablevision declined to carry the YES Network as part of its basic cable package and the network refuses to be part of a premium package. Cablevision subscribers have been unable to watch 130 of the 162 New York Yankees baseball games because of the deadlock.
In addition to reducing its stable of the Wiz stores to 17, Cablevision has put Clearview Cinemas, its chain of movie theaters, on the block.
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