Cablevision Misses Earnings, Revenue Targets After Announcing Sale to Altice

Cable provider’s income drops 69 percent year over year

Cablevision (CVC) missed earnings and revenue projections for the third quarter, the company announced Tuesday in its first financial report since announcing its plan to sell to European telecom company Altice for $10 billion.

The company delivered shares of $0.08 per share on revenue of $1.61 billion in revenue, which missed Wall Street’s expectations of  $0.23 per share and $1.64 billion in revenue.

The performance reported a 68 percent drop in income for the company year over year, down from $0.26 per share and $1.63 billion in revenue a year ago. Company stock was down 0.22 percent to $32.39 in after-hours trading on Tuesday.

Cablevision reported having its best quarter in three years in customer relationships, video and high-speed data since 2012.

“The third quarter was highlighted by the announcement of Cablevision’s sale to Altice for $34.90 per share — an acquisition that will deliver significant value for our shareholders,” CEO James Dolan said.

“In the meantime, together with Altice we are moving full speed ahead to obtain the necessary regulatory approvals, while we remain focused on delivering superior products and outstanding service to our customers,” he added.

Cablevision will not hold a third-quarter earnings call and won’t hold quarterly calls while its sale to Altice is pending. The company has also suspended its stock repurchase program during the acquisition’s pendency, which means no dividend pay-outs.