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CABLEVISION LOOKING FOR A SUITOR; TIME WARNER MOST LIKELY
Published November 4, 1994
Cablevision Industries Inc., is in separate talks with three suitors, including Time Warner, interested in acquiring all or part of the "closely held" cable TV company. Based on the current valuation of cable properties, an acquisition of all of Cablevision Industries would be valued at $2.5-3B. Some familiar with the situation said Time Warner, which has debt totalling $15B, would pay with securities for any transaction. Cablevision CEO Alan Gerry said that Time Warner is one of 3 companies they are talking with seriously. An acquisition of Cablevision by Time Warner would continue Time-Warner's "aggressive expansion" into cable. Adding Cablevision's 1.3M subscribers could boost Time Warner's total subscribers to about 10M, making it a closer second to TCI, the largest cable operator with 10.3M subscribers (Robichaux & Roberts, WALL STREET JOURNAL, 11/4).