Analyst bullish on Cablevision as a pure cable distribution company

Cablevision's (NYSE: CVC) ongoing move to cut off its Rainbow Media programming arm is "what investors say they want" and points to a renewed vigor for the MSO as a "pure cable television company," an analysis in the Wall Street Journal says.

The article points to BTIG analyst Rich Greenfield's enthusiasm for the move and belief that Cablevision will succeed on its own without a programming piece.

"While investors may have been disappointed that Q1 2011 results showed only 4 percent organic telecom (cable) EBITDA growth, capex fell 10 percent leading to over $1/share in quarter free cash flow, which puts CVC on track to reach/exceed our full-year free cash flow per share estimate of $4.35 (increased from $4.15 previously)," Greenfield's report states.

Translated: "Cablevision is going to be a cash machine," the Journal analysis said.

For more:
- the Wall Street Journal has this story

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