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NEW YORK (Reuters) - Cablevision Systems Corp. on Thursday said its first-quarter loss narrowed, driven by strong demand for new digital services and said it could pursue further acquisitions or asset sales.
The No. 6 U.S. cable operator, which failed to win a bid to buy Adelphia Communications, said it was interested in buying more cable systems and possibly selling its Rainbow networks, which include AMC and The Independent Film Channel.
It was the company's first public comments on its eleventh-hour $17.1 billion bid for bankrupt cable operator Adelphia, which accepted a rival joint offer by Time Warner Inc. and Comcast Corp., the top 2 U.S. cable operators.
"We will continue to look at other opportunities, but to be honest I think they're fairly scarce." James Dolan, chief executive of Cablevision, told analysts on a conference call, noting that the company had viewed an acquisition of Adelphia as a significant opportunity.
"We need to make some strategic move with our networks," he added. "What that is at this time would only be speculation so I won't go into it."
Cablevision last year had planned to spin off its Rainbow Media Enterprises, which included the networks and the Voom satellite TV operations. But Cablevision last month closed the Voom service.
The cable operator, based in Bethpage, New York, on Long Island, posted a first-quarter net loss of $118.9 million, or 41 cents a share, compared with a net loss of $120.0 million, or 42 cents a share, a year earlier.
Revenue rose to $1.21 billion from $1.15 billion.
NEW YORK (Reuters) - Cablevision Systems Corp. on Thursday said its first-quarter loss narrowed, driven by strong demand for new digital services and said it could pursue further acquisitions or asset sales.
The No. 6 U.S. cable operator, which failed to win a bid to buy Adelphia Communications, said it was interested in buying more cable systems and possibly selling its Rainbow networks, which include AMC and The Independent Film Channel.
It was the company's first public comments on its eleventh-hour $17.1 billion bid for bankrupt cable operator Adelphia, which accepted a rival joint offer by Time Warner Inc. and Comcast Corp., the top 2 U.S. cable operators.
"We will continue to look at other opportunities, but to be honest I think they're fairly scarce." James Dolan, chief executive of Cablevision, told analysts on a conference call, noting that the company had viewed an acquisition of Adelphia as a significant opportunity.
"We need to make some strategic move with our networks," he added. "What that is at this time would only be speculation so I won't go into it."
Cablevision last year had planned to spin off its Rainbow Media Enterprises, which included the networks and the Voom satellite TV operations. But Cablevision last month closed the Voom service.
The cable operator, based in Bethpage, New York, on Long Island, posted a first-quarter net loss of $118.9 million, or 41 cents a share, compared with a net loss of $120.0 million, or 42 cents a share, a year earlier.
Revenue rose to $1.21 billion from $1.15 billion.
