Multichannel Online – Harbinger Capital, the hedge fund that caused a stir last year when it began buying large blocks of Cablevision Systems shares, continued a sell-off of the stock that began earlier this year, reducing its holdings in the Bethpage, N.Y.-based cable operator to 5%.
Harbinger, seen by many observers to be the main catalyst in Cablevision management’s newfound openness with shareholders, said in a Securities and Exchange Commission filing late Tuesday that it had reduced its holdings in the cable operator to 11.7 million shares, or about 5% of its outstanding stock. That’s down from the 7.5% interest Harbinger held in Cablevision in January and almost half the 9.1% interest the hedge fund controlled in September.
