Barron's Likes Cablevision (CVC) And Sees It As A Potential Takeover Target
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Barron's thinks there is a lot of value in Cablevision (NYSE: CVC) and spinning off Madison Square Garden and related assets could be the first step in investors realizing the value of CVC.
David Joyce, a media analyst with Miller Tabak, told Barron's by spinning off MSG, "It will make the company much more analyzable. Profits and revenues will be less volatile, and Wall Street and investors will find it easier to appreciate and value Cablevision. And that has got to be very good for the future of the stock."
Additionally, Barron's said a spinoff of MSG would make Cablevision attractive as a pure-play takeover, possibly either by Comcast (Nasdaq: CMCSA) or by Time Warner Cable (NYSE: TWX).
Miller Tabak's analyst thinks that Cablevision's intrinsic sum-of-the-parts value is close to $45 a share.
Barron's said Cablevision's shares could rise by almost 100% and the spinoff of MSG is the first step to the company realizing its true value.
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