West Palm Beach (HedgeCo.net) – Harbinger Capital Management, an activist hedge fund, has accumulated a 4.9% stake in Cablevision Systems Corp, according to The Wall Street Journal.<\/p>\n
In a regulatory filing, Harbinger said that it had bought 11.45 million of Cablevision’s Class A shares. Harbinger, now Cablevision’s fifth biggest shareholder, was not present at meetings with the company’s top executives and large investors this week, the Journal said, citing a person familiar with the meetings.<\/p>\n
The move may have prompted CEO James Dolan to explore options. Cablevision shareholders rejected a $36.26-a-share buyout from the founding Dolan family last October. That bid was the family’s fourth attempt to take the company private. <\/p>\n
The Dolan family owns 75% of the voting rights for Cablevision. It remains unclear what Harbinger intends to do with its holding. Harbinger isn’t currently planning a proxy fight with the company, said a person close to the company.<\/p>\n
Cablevision last month acquired 97% of Newsday Media Group ("Newsday") through the formation of a new partnership with Tribune Company. For Cablevision, the completion of this transaction adds a complementary print and online media group with local content in the New York area.<\/p>\n
Alex Akesson <\/p>\n
Editor for HedgeCo.Net
Email: alex@hedgeco.net<\/a><\/p>\n