Cablevision Systems Corp (NYSE:CVC)
CAPS Rating:
The Company conducts its business through three segments: Telecommunications Services; Rainbow; and Madison Square Garden.
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The Company conducts its business through three segments: Telecommunications Services; Rainbow; and Madison Square Garden.
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I'll have more on this in coverage at Fool.com, but the primary thesis is that Rainbow Holdings -- its second-largest segment and growing -- is like a mini movie studio with AMC and IFC, doing great work by bringing original programming to the small screen. MSG and the telecom businesses are like annuities that provide the cash flow to fund Rainbow and a healthy dividend. It's an intriguing combination that I find appealing at current prices.
Here's a more detailed thesis: http://www.fool.com/investing/general/2010/12/30/the-best-stocks-for-2011-cablevision.aspx
In essence, my argument is that CVC without Madison Square Garden gets the benefit of higher margins, better cash flow, and higher returns on capital. The combination should help to generate strong returns.