Updated: Turning On The Heat: Harbinger Ups Stake In Cablevision To 8.1 Percent


Activist fund Harbinger has added to its stake in Cablevision… In a filing, the fund says it now owns 8.1 percent of the company, or 19.85 million shares. Just last week, the company confirmed that it held 4.9 percent at the end of Q2. Other than the growing stake, it’s not clear whether they plan a move similar to what they did with NYTCo (NYSE: NYT). But Cablevision (NYSE: CVC) obviously feels the heat. In addition to promising a strategic review, the Long Island-based cable operator also said last week that it would start paying a dividend, a first, minimal towards mollifying shareholders.

Update: Harbinger hopes to meet with management soon, according to Bloomberg: “Cablevision Systems Corp. investor Harbinger Capital Partners said it is looking at all options after raising its stake in the New York-area cable-television company to 8.1 percent. Harbinger hopes to meet with management ‘in the very near future,’ Charles Zehren, a spokesman for Harbinger, said in an e-mailed statement today.” As Cablevision has already started having meeting with investors, it shouldn’t be too hard for Harbinger to get an audience.

The news isn’t making big waves in the markets: Cablevision shares are up about 1 percent, which is roughly in line with the indexes.

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