Cablevision’s shares took a 4.8 percent drop yesterday after Pali Research analyst Richard Greenfield downgraded the cable operator’s stock from “buy” to “sell.”

Greenfield has taken issue with Cablevision’s acquisition strategy, which includes reports that it is seeking to buy a 35 percent stake in AEG Live.

Greenfield wrote that Cablevision is no longer interested in selling the company to another cable operator, such as Time Warner Cable, but that the MSO is instead interested in investing in the live entertainment business.

Last year, Cablevision bought the Chicago Theatre after purchasing the Beacon Theatre in 2006.

Greenfield wrote that he no longer believes the Dolan family is interested in taking the company private after failed attempts last year (story here) and this year (story here), but the interest in live entertainment may be a way for the company to boost the value of its Fuse music cable channel.

Cablevision’s shares fell $1.28 yesterday, to close at $25.51. The company’s stock was at $25.15 in late-morning trading today.

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