Harbinger increases stake in Cablevision to 8.1%
|August 25th, 2008||
|Harbinger Capital has increased its stake in Cablevision Systems Corp to 8.1%. The hedge fund is known for pressuring management into making changes to increase shareholder value. On August 15th, in response to pressure from large shareholders, Cablevision initiated its first regular quarterly dividend. Investors are also pressuring Cablevision execs to sell off part of its cable network assets to fund share buybacks to help boost the share price which they feel does not accurately reflect the value of the company.|
Gamco's Mario Gabelli, who led the push by Cablevision's long-standing investors, has welcomed news of Harbinger's stake. He told Reuters last week: "The more people on board with our line of thinking the happier we are."
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