Is Cablevision (CVC) Prepping to Be Bought? Some Signs Point to 'Yes'
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Cablevision (NYSE: CVC) shares are trading flat Thursday in light of reports the company might be girding to be acquired.
That's right, acquisition. Or go private.
According to the NY Post, CEO Jim Dolan has been clearing out his executive team, garnering speculation the Madison Square Garden (NYSE: MSG) Chairman might be mulling some moves for his Bethpage, Long Island-based cable company.
Here's the skinny: CFO Mike Huseby left last June, followed by cable President John Brickman, and then COO Tom Rutledge last December. Word now is three executives -- corp. engineering EVP Jim Blackley, consumer ops EVP Kathy Mayo, and marketing chief Jon Hargis -- will also be leaving within the next few months.
If there are no executives leading the field, who's leading the charge? Well, the Post said Dolan is acting as CEO, COO, and head of the cable unit at Cablevision, while his wife, Kristin, is assuming the role of marketing EVP.
Whether the company is going private or looking to be acquired are two different things. Dolan in the past believed his company might be a good fit for Time Warner Cable (NYSE: TWC), though no further speculation has been made on a potential deal there.
With Cablevision stock down 60 percent from an annual high of $36.86 hit last June, the company might be easier to swallow for a larger operator. It's current market cap rests just above $4 billion.
That's right, acquisition. Or go private.
According to the NY Post, CEO Jim Dolan has been clearing out his executive team, garnering speculation the Madison Square Garden (NYSE: MSG) Chairman might be mulling some moves for his Bethpage, Long Island-based cable company.
Here's the skinny: CFO Mike Huseby left last June, followed by cable President John Brickman, and then COO Tom Rutledge last December. Word now is three executives -- corp. engineering EVP Jim Blackley, consumer ops EVP Kathy Mayo, and marketing chief Jon Hargis -- will also be leaving within the next few months.
If there are no executives leading the field, who's leading the charge? Well, the Post said Dolan is acting as CEO, COO, and head of the cable unit at Cablevision, while his wife, Kristin, is assuming the role of marketing EVP.
Whether the company is going private or looking to be acquired are two different things. Dolan in the past believed his company might be a good fit for Time Warner Cable (NYSE: TWC), though no further speculation has been made on a potential deal there.
With Cablevision stock down 60 percent from an annual high of $36.86 hit last June, the company might be easier to swallow for a larger operator. It's current market cap rests just above $4 billion.
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