Cable TV companies Cablevision and Charter Communications both reported third-quarter net losses that were larger than the same quarter last year. Cablevision, whose investors recently rejected a bid by the company's founding family, to privatize the company, reported a net loss of just over $79 million, about $20 million deeper than the same period in 2006. Meanwhile, operating income shot up about 59% on progress signing up customers for broadband Internet and voice services, but that wasn't enough for Cablevision to break from the doldrums currently shrouding the entire cable TV sector.
Cable TV firms have seen their stock prices battered as telcos have made more progress in the TV market. Comcast recently acknowledged the effect of the competition, and Cablevision closed out its Q3 earnings report by lowering its outlook for full-year cash flow growth. Charter's Q3 loss was $407 million.
For more:
- Read the Associated Press story in The New York Times
- CNN Money has the AP story on Charter
Related articles:
- Comcast recently reported sharply lower Q3 profit