Cablevision loses 33K video customers in Q3, gains only 3K broadband subs

In what could be its last quarterly earnings report as an independent company, Cablevision (NYSE: CVC) reported modest video subscriber losses of 33,000 for the third quarter.

The attrition compared favorably to the 56,000 pay-TV customers it lost in the third quarter of 2014. The MSO, which has aggressively described itself as a "connectivity company" of late, added only 3,000 broadband customers during the quarter. 

However, that metric also compares favorably to the year-ago quarter, during which Cablevision lost 23,000 Internet customers.

Cablevision announced two months ago that it agreed to be purchased by Europe's Altice for $17.7 billion. Due to the pending transaction, the company said it is not conducting a conference call with investors to discuss its earnings.

"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," said Cablevision CEO James Dolan, in a statement. "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."

The MSO said its consolidated net revenues decreased 0.8 percent in the quarter to $1.613 billion. Cablevision said net revenues in its cable division declined 0.8 percent to $1.447 billion, with increases in the price of its broadband service unable to offset customer declines in video and landline phone service.

Cablevision continued to expand its Wi-Fi network in the third quarter, ending the period with 1.4 million public hotspots. 

For more:
- read this Cablevision earnings release

Special Report: From Comcast to AT&T to Dish: How pay-TV performed in Q3 2015

Related articles:
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