Opinion on  Cablevision Systems Corp NY Group (CVC)     Sector: Services  >  Industry: Broadcasting & Cable TV
CVC - Smart money is buying

I think Cablevision is a smart buy.  After years of being run like their private little piggy bank the Dolans are finally going to be held accountable by one very smart and shrewd investor, Phil Falcone.  Falcone has been one of the star hedge fund performers for the last several years.  Phil Falcone is the senior portfolio manager and strategist at Harbinger Capital. The long and the short of it is Falcone is a moneymaker and if you want to invest with smart money you can't do any better than Phil.

Please read:     www.tradingmarkets.com/.site/news/Stock%20News/1843696/
Aug 23, 2008 (Newsday - McClatchy-Tribune News Service via COMTEX) -- NYT | Quote | Chart | News | PowerRating -- Aug. 23--A hedge fund that recently became the fourth-largest outside investor in Cablevision Systems Corp. said Friday it wants to meet with the company.

Harbinger Capital Partners Funds revealed in regulatory filings that it increased its stake of company from 4.9 percent to 8.1 percent, acquiring almost 19 million shares of the Bethpage company. Harbinger is known for pushing for change in companies in which it invests, such as The New York Times Co.

"We are looking at all options and hope to meet with the company in the very near future to discuss our thoughts," said Charles V. Zehren, a spokesman for Harbinger.

He declined to comment about the issues Harbinger wants to discuss with Cablevision, which owns Newsday. But in a filing, Harbinger said it purchased the shares "in the belief that the issuer's shares are undervalued."

Harbinger bought into Cablevision after the stock had run up to $29, so it must think shares are worth still more, said Collins Stewart analyst Tom Eagan.

In a statement, Cablevision said: "We welcome all investors and are focused on enhancing value for all shareholders."

Last Friday, Cablevision said it would pay its first-ever regular dividend, in a move seen as conciliatory toward shareholders. It also met with major shareholders to discuss strategies to boost the stock price.

Even though the Dolan family controls 74 percent of voting rights, Eagan thinks Harbinger can still shake things up. He noted that the Dolans' bid to take the company private last fall was scuttled by investors who thought the $36.26-per-share price was too low.

Major shareholder "[Mario] Gabelli was instrumental in persuading folks it was an undervalued private bid," Eagan said. Harbinger "can sway the opinion of other major investors."

This story was supplemented with an Associated Press report.

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