Cablevision (CVC) had a solid quarter, but like its peers in the cable industry, showed a significant falloff in subscriber growth.
The Long Island-based company posted $2.05 billion in sales, just short of the Street’s $2.06 billion estimate. Cablevision posted a huge, $321 million net loss, mostly because of a $402 million impairment charge on Newsday.
Sign of the times: Subscriber growth hit the wall. Cablevision lost 3,800 video customers during Q4, down from a 1,000 subscriber gain in Q4’07. Digital video subs grew 22,800, down from 43,000 the year before. Broadband Internet subs grew 28,200, down from 62,000 the year before. And Internet phone subs grew 53,400, down from 102,000 the year before.
Cablevision’s Rainbow cable network division didn’t do terribly: Its Q4 sales increased 13.9% year-over-year to $263.9 million. Ad sales grew 2.8%, driven by growth at WE tv.
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