Harbinger Acquires Stake in Cablevision
|August 15th, 2008||
|Harbinger Capital has acquired a 4.9% stake in Cablevision. Harbinger Capital has previously also held activist stakes in media companies such as the New York Times and Media General.|
Cablevision is in the midst of meeting with investors and considering options to raise share prices. Last week, Gamco Investors CEO Mario Gabelli called for Cablevision to sell off its Rainbow Media unit and spin-off its Madison Square Garden to buy back shares. If Mr. Gabelli chooses to continue an activist strategy with Cablevision, there are quite a few big name shareholders such as ClearBridge Advisors, T. Rowe Price, and Marathon Asset Management.
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