Cablevision to Sell $1 Billion in Stock
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Cablevision Systems Corp., the New York City area’s largest cable operator, will sell $1 billion of preferred and Class A common stock at $57.01 each, a company filing with the U.S. Securities and Exchange Commission said.
The Bethpage, N.Y., company will sell 8.77 million Class A common shares. Cablevision also will sell the same number of shares convertible into stock by July 1, 2004.
Cablevision will use the proceeds from the sales to fund cable television system upgrades and for other purposes, the filing said.
Cablevision Class A shares fell 29 cents to $56.85 on the NYSE.
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