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CABLEWORLD STAFF
CABLEVISION'S Q2 FINANCIALS DELAYED
Cablevision Systems' second-quarter operating performance was overshadowed by further accounting disclosures at the company's Rainbow unit. KPMG, Cablevision's independent auditor, informed the company it is unable to complete its review of the company's second-quarter financial statements, leading Wall Street to question whether the company will get its quarterly financial statements filed with the SEC this week. The delay, coupled with the ongoing investigation into Cablevision's accounting, could hinder efforts to refinance certain debt. Following its June announcement that over $18 million in expenses had been improperly accounted for over a three-year period, Cablevision disclosed that an additional $3.4 million in expenses were taken earlier than they should have been. Cablevision's results for the quarter were mixed, with revenue and cash flow falling below expectations. The company reversed several quarters of subscriber losses, adding over 12,000 basic video customers in the quarter.
FCC WARNED ABOUT DIRECTV'S FOOTPRINT
A coalition of four cable companies ? Insight Communications, Cable One, Cox Communications and Advance/Newhouse ? filed an information brief last week at the FCC, saying that they are concerned that the proposed bid by Rupert Murdoch's News Corp. to buy Hughes Electronics' DirecTV would create a national ?footprint.? Research by a Northwestern University professor suggested that News Corp. could and would attempt to leverage its programming and distribution assets in carriage deals with cable companies; this could limit cable's access to popular services such as regional sports programs.
CN8 NABS 40 LOCAL EMMY NOMINATIONS
Break out the bubbly, television viewers in selected areas of Pennsylvania, Delaware, South Jersey and Ohio, because it's Emmy time! Mid-Atlantic Emmys time, that is, which are the awards honoring the best original programming from the Philadelphia Regional Chapter of the National Academy of Television Arts & Sciences. Leading the pack with 40 nominations ? the most garnered by any network, and for the second year in a row ? is CN8, The Comcast Network, a 24-hour network seen in over 6.2 million homes.
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