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Cablevision: More Video Subscriber Losses, But Rate Appears To Be Slowing

There seems to be no escaping the cable industry’s continuing decline in basic video subscribers, and Cablevision (NYSE: CVC) was no exception in Q3, though the rate of those losses appeared to be slowing. In the meantime, Cablevision, which has been making a big bet on its interactive advertising programs, also saw ad revenue stay where they were a year ago.

Much like rival MSO Time Warner Cable (NYSE: TWC) said the day before, Cablevision lost subscribers on the video side, but gained on the broadband side. While TWC CEO Glenn Britt admitted that over-the-top services — he didn’t mention any by name, but the usual suspects are providers like Netflix (NSDQ: NFLX), Roku, Boxee and others — seemed to be having an impact. Over the past year, Cablevision has blamed the video subscriber losses on the weak economy, especially high unemployment and weak housing starts, as the cause of its declining video numbers.

Specifically, Cablevision lost 19,000 video subscribers in Q3, compared to 24,500 last year and 23,000 in Q2. Overall, it ended Q3 with 3.26 million video subscribers in Q3, and gained 17,000 broadband customers and 38,000 telephone users.

As for the “other” category, which includes Newsday, News 12 Networks, MSG Varsity, Clearview Cinemas, Cablevision Media Sales Corporation (formerly Rainbow Ad Sales), revenues were 5.5 percent, primarily due to declines at the Long Island daily newspaper, though the company didn’t break out separate numbers for the property.