In its second quarter, Cablevision Systems Corp. reported a net revenue gain of 12.3 percent year-on-year, to $1.6 billion. Cable TV net revenue grew 13 percent, to $1.1 billion, compared with the year-ago quarter, and telecommunications services net revenue increased 12.8 percent to $1.2 billion year-on-year.
Cablevision gained 168,000 revenue-generating units (RGUs) in the quarter, including 81,000 voice customers - an increase of 41.7 percent year-on-year and up 6.1 percent compared with the previous quarter.
The MSO added 50,000 high-speed data subs, an increase of 14.6 percent compared with the year-ago quarter and an increase of 2.4 percent sequentially.
The company gained 39,000 digital video subs, up 12.3 percent year-on-year and up 1.6 percent sequentially. Basic video subs declined by 348.
“Our bundle of advanced digital video, Internet and voice products continues to be successful in attracting new customers and expanding existing subscriber relationships,” said Cablevision’s President and CEO James Dolan. “Cablevision's Optimum Voice service, recently honored by J.D. Power, now reaches 30 percent of the homes passed by our fiber-rich network, and the penetration rates of all of our consumer telecom services continue to lead the cable industry.”
During the quarter, Cablevision entered into a definitive merger agreement with an entity created by members of the Dolan Family Group. The agreement states that all outstanding shares that the Dolan Family Group does not own will be converted into $36.26 per share, in cash. The transaction requires approval by holders of a majority of the MSO’s outstanding Class A shares not held by the Dolan Family Group or Cablevision’s directors and executive officers.