Rumors started a few years ago that Cablevision would ultimately sell the company. Now comes the strongest move in that direction. Tuned In has learned exclusively there is a 95 percent certainty that Cablevision will sell to Time Warner by the end of February. To make the acquisition more attractive, we’re told that the Bethpage, NY media company will undergo mass layoffs.
In addition, Cablevision honchos Tom Garger and Michael O’Neill, someone with knowledge of the situation says, have been given until February to make a case for public access being workable. If not, the channels and the executives likely would be gone.
Earlier this year, Cablevision sold its western cable outfit Optimum West to Charter Communications for $1.62 billion in cash. The company turned a third quarter profit in November, beating earnings projections. However, a year earlier Cablevision faced a $3.8 million loss.
Cablevision, founded by Charles Dolan, was started in 1973. The company failed to take itself private in 2005 and 2007.
While Cablevision have always stood firm against selling the company, in recent months that stance has wavered. For example, while announcing Cablevision’s earnings in August, CEO James Dolan said, “You never say never.”
A Cablevision spokesperson tells Tuned In, “As a matter of long-standing policy, we do not comment on rumor or speculation in the media.”