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The Company conducts its business through three segments: Telecommunications Services; Rainbow; and Madison Square Garden.
On top of longer term worries all cables have regarding "over the top" competition luring their subscribers off their pricey bundles, CVC has near term pain arising from its failure to negotiate a deal with News Corp for carriage of Fox channels. Now the CVC subscribers are looking for refunds, and are likely to rush to join the class action suit seeking $450 million in reimbursement. While that amount is unlikely, CVC will have to kick back some revenues and in the process can't help but further annoy a base already looking for options.
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