Cablevision Systems Corp. this week reported a $23.9 million loss for the fourth quarter of 2006, due to higher “team-related” expenses and a $30 million settlement with satellite maker Loral Space & Communications.
The “team-related expenses” included paying $18.5 million to former New York Knicks coach Larry Brown. Cablevision owns the Knicks and fired Brown in June 2006. The payout was part of the company’s settlement with Brown.
In spite of the losses, Cablevision, the country’s third-largest cable operator, recorded net revenue of $1.69 billion, up from $1.49 billion a year earlier.
“For our cable business, 2006 marked the most successful year in the company’s history with our largest annual revenue gain ever,” said James Dolan, Cablevision’s president and CEO. “The ongoing strong demand we are experiencing for our digital video, voice and data services continued to drive industry-leading penetration rates.”
Cablevision Systems Corp. www.cablevision.com
