BETHPAGE, N.Y.--(BUSINESS WIRE)--Cablevision Systems Corporation (NYSE: CVC) today announced that its board of directors has authorized the repurchase of up to $500 million of its Class A common stock.
Cablevision President and Chief Executive James L. Dolan said: “This new stock buyback program is a reflection of our confidence in both Cablevision’s operating performance and potential to generate free cash flow. This joins our regular quarterly dividend as an excellent way to increase shareholder value. In addition, we believe that the repurchase program will help to better align the market value of the company’s common stock with Cablevision’s underlying operating performance.”
Under the repurchase program, shares of Class A common stock may be purchased from time to time in the open market. Size and timing of these purchases will be determined based on market conditions and other factors. As of April 30, 2010, there were 251,388,610 Class A common shares outstanding.
Cablevision management will discuss today’s announcement on a call for investors at 11:15 a.m. ET on Monday, June 14, 2010. Members of the media are invited to listen in. Please call 1-888-694-4641 (mention pass code number 81994062) approximately 10 minutes prior to the call. This call also will be available on the Internet via our Web site www.Cablevision.com under the heading “Investor Information.”
For those unable to join the conference call, you may access a recording of the call by dialing 1-706-645-9291 (mention pass code number 81994062). The call replay will be available from 1:00 p.m. ET on Monday, June 14, 2010 until 11:59 p.m. ET on Monday, June 21, 2010. The Internet replay will be available on the Cablevision Web site until Monday, June 21, 2010.
Cablevision Systems Corporation is one of the nation's leading telecommunications, media and entertainment companies. In addition to its Optimum-branded cable, Internet, and voice offerings, the company owns and operates News 12 Networks, MSG Varsity and Newsday Media Group. Cablevision's assets also include Rainbow Media Holdings LLC and its programming and entertainment businesses, AMC, IFC, Sundance Channel, WE tv and IFC Entertainment, as well as Clearview Cinemas. Additional information about Cablevision is available on the Web at www.cablevision.com.
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the company and its business, operations, financial condition and the industry in which it operates and the factors described in the Company's filings with the Securities and Exchange Commission, including the sections entitled “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update the forward-looking statements contained herein.