Cablevision restates earnings in 5 quarters

Sean Mota

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Sep 8, 2003
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The major problem for Cablevision is that the accounting irregularities, and especially the ongoing SEC investigation, affects its credibility with the investor community, which in the best of times is skeptical of the cabler's complex financial structure.


Among projects put at risk by the financial cloud is Cablevision's plan to spin off its Rainbow Media unit into a new company, along with its Voom direct broadcast satellite platform. It is not feasible to file an IPO prospectus while the SEC is investigating the parent company. The cash from the proposed spinoff is considered essential to funding chairman Chuck Dolan's risky satellite venture.
 
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