UofMiamiGrad
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NEW YORK, March 6 (Reuters) - Cablevision Systems Corp. (CVC.N: Quote, Profile, Research) said on Monday its board authorized management to take all necessary steps to implement a $3 billion special dividend payable pro rata to all shareholders.
In a regulatory filing, Bethpage, New York-based Cablevision said the dividend will be paid subject to certain conditions, including obtaining financing on acceptable terms and final board approval.
Cablevision, which owns the New York Rangers professional hockey team and the New York Knicks pro basketball team, said in January its board was expected to consider at a meeting in March paying a special dividend, after canceling a $3 billion dividend in December.
On Feb. 27, Cablevision posted a fourth-quarter profit of $54.1 million, or 19 cents per share, compared with a loss of $305.8 million, or $1.06 per share, a year earlier, when it took a charge of $166.3 million to write down the value of its abandoned satellite business.
Revenue rose 12.5 percent to $1.49 billion, beating the average Wall Street estimate of $1.46 billion.
Cablevision also reported better-than-expected subscriber growth to its video, high-speed Internet and digital phone services.
© Reuters 2006. All Rights Reserved.
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