The proposed sale of Cablevision’s Optimum West cable systems (CD Feb...
The proposed sale of Cablevision’s Optimum West cable systems (CD Feb 8 p18) was probably already priced into its stock value, Wells Fargo analyst Marci Ryvicker wrote investors. The deal is not significantly “delevering” for Cablevision, and marks the sale…
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of that company’s fastest-growing asset with virtually no overlap of AT&T or Verizon’s pay-TV services, she wrote. The $1.37 billion price is a gain for Cablevision, Evercore Partners’ Bryan Kraft wrote investors. Charter was probably attracted to the systems because of the lack of competition from the major phone companies and the ability to “finance a growing cash flow stream with low interest rate debt,” he said. Moody’s said it changed the outlook on one of Charter’s holding companies to stable from positive but affirmed its Ba3 corporate family rating.