Gabelli to Cablevision: Stop teasing!
In an interview, he says that it’s about time Cablevision get down to business and hook up with Time Warner Cable. Gabelli, who runs hedge fund Gamco Investors, a top Cablevision shareholder, tells Bloomberg the family run cable operator and networks company should be “making love with Time Warner Cable.”
Gabelli’s proposal goes much further than the potential moves proposed by Cablevision CEO Jim Dolan. Not content with just a stock buyback or a dividend or even just spinning off some businesses, Gabelli suggests Cablevision should do nothing less than break up the company and hand over the cash to shareholders.
It’s no secret how Time Warner Cable has coveted Cablevision’s New York area cable systems. On more than several occasions over the past decade, Time Warner has held talks to varying degrees to snatch the systems.
From Bloomberg: “They have made a commitment to follow through,” said Gabelli, who two days ago called on Cablevision to sell Rainbow and use the money to buy back stock. “If they don’t, there are board seats available.”
We bet he’ll be pressing his case at a series of investors meetings the Dolans are planning to hold with top investors.
And how happy would he be if Jim Dolan came through this time?
Bloomberg: Breaking up the company would be “like hitting a grand slam home run in the bottom of the ninth inning of the seventh game of the World Series,” he said.