Cablevision is looking into selling its Clearview Cinemas chain, the company's leadership told analysts Thursday.
Cablevision CFO Gregg Siebert labelled the money-losing, 45-theater chain as a non-core asset.
"There are others we feel can do more with the asset," Siebert said.
The news comes after the country's fifth-largest cable provider reported lackluster quarterly earnings for the first three months of the year.
Clearview primarily operates in the New York-metro region. Its most prominent location is Manhattan's Ziegfeld Theatre. Siebert did not give a timeline for when a sale would take place.
Cablevision reported a steeper drop in operating cash flow than analysts had projected as part of its quarterly earnings report on Thursday.
The cable provider's operating cash flow dipped over 7 percent to $513.5 million. Analysts had predicted operating cash flow of $544 million.
The company reported profits of $57.2 million, or 21 cents a share, down from $104 million, or 37 cents in the same period a year ago. Revenue remained flat at $1.6 billion.
Shares of the company plunged more than 8 percent to $13.47 in mid-day trading.
