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News Breaks | | | | February 26, 2013 | | 11:44 EDT |  | CVC, VIAB, VIA | Cablevision files antitrust suit against Viacom over bundled programming
Cablevision Systems (CVC) announced it filed an antitrust lawsuit against Viacom (VIA, VIAB) in federal court in Manhattan. Cablevision alleges Viacom illegally forced it to carry and pay for 14 lesser-watched ancillary networks its customers do not want, such as Palladia, MTV Hits and VH1 Classic, in order to carry must-have networks such as Nickelodeon, MTV and Comedy Central. Cablevision's complaint asserts that Viacom engaged in a "per se" illegal tying arrangement in violation of the federal antitrust laws. Cablevision's antitrust lawsuit also asserts that Viacom has engaged in unlawful "block booking," which is a form of tying that conditions the sale of a package of rights on the purchaser's taking of other rights. Cablevision said Viacom's conduct also violates the Donnelly Act in New York State Law, which parallels federal anti-trust laws. The complaint was filed under seal and a public version is not yet available. Cablevision said it is seeking a number of remedies including: Declaratory relief voiding the December 2012 carriage agreement; a permanent injunction barring Viacom from conditioning carriage of any or all of its core networks on Cablevision's licensing any or all of Viacom's ancillary networks; to effectuate the permanent relief, a requirement that Viacom permit Cablevision to carry the core networks and ancillary products on terms pending negotiation of a new, lawful agreement; treble damages and legal fees. Cablevision indicated that there would be no immediate disruption in programming offerings pending the resolution of this matter. | |
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News For CVC;VIA;VIAB From The Last 14 Days Check below for free stories on CVC;VIA;VIAB the last two weeks. |
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| May 21, 2013 | | 06:52 EDT |  | CVC | Video on demand from cable companies becoming more popular, NY Times says
 Subscribe for More Information | | | May 19, 2013 | | 16:41 EDT | | VIAB | Viacom's 'Into Darkness' tops Disney's “Iron Man 3” at box office, WSJ says
Subscribe for More Information | | | May 14, 2013 | | 10:01 EDT |  | VIAB | On The Fly: Analyst Initiation Summary
Subscribe for More Information | | | 06:27 EDT | | VIAB | Viacom initiated with a Market Perform at BMO Capital
Target $71. | | | May 10, 2013 | | 10:00 EDT |  | CVC | On The Fly: Analyst Downgrade Summary
Subscribe for More Information | | | 05:50 EDT | | CVC | Cablevision downgraded to Neutral from Buy at Citigroup
Subscribe for More Information | | | May 9, 2013 | | 10:48 EDT | | CVC | Cablevision CFO says no plan to cut dividend
Cablevision CFO Gregg Seibert said on the company's first quarter earnings conference call that the company's board shows "complete support" for continuing Cablevision's dividend at its current level. Seibert said the company pays about $40M a quarter in the form of a dividend and that the company "certainly did not earn that in the first quarter on a free cash flow basis." Seibert acknowledged going forward it's not clear the company will consistently earn that over the next few quarters, but from a liquidity standpoint the company's proceeds from its Bresnan transaction "should be in the neighborhood of $625M plus whatever working capital and cash is in the company at the time of closing." That liquidity and other sources gives the board "comfort" in regard to maintaining the dividend, according to the executive. | | | 10:30 EDT | | CVC | Bill would pressure cable companies on a la carte channels, The Hill says
Republican Senator John McCain is writing a bill that would push cable TV and satellite companies to offer a la carte channel options to their customers, according to The Hill, which cited statements by the senator's office. McCain's bill would rpessure cable and satellite companies to enable consumers to choose which individual channels they want, the website explained. Reference Link | | | 08:36 EDT | | CVC | Cablevision sees Q2 adjusted operating cash flow to be above Q1
Subscribe for More Information | | | 08:34 EDT |  | CVC | Cablevision reports Q1 EPS (6c), consensus 5c
Reports Q1 revenue $1.52B, consensus $1.64B. Reports consolidated adjusted operating cash flow, or AOCF, decreased 26.9% to $343.4M. | | | | May 8, 2013 | | 15:29 EDT | | CVC | Notable companies reporting before tomorrow's open
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