Ratner Named Cablevision Vice Chairman
By Mike Farrell -- Multichannel News, 1/8/2003 10:37:00 AM
Cablevision Systems Corp. promoted one of its top dealmakers -- Rainbow Media Holdings Inc. vice chairman Hank Ratner -- to vice chairman of the entire company, effective immediately.
Ratner, a 15-year veteran of Cablevision, will join current vice chairmen William Bell and Robert Lemle.
In a press release, Cablevision said Ratner will work closely with CEO James Dolan regarding overall planning and development, as well as transaction strategy, management and implementation. He will also work with chairman Charles Dolan on company initiatives, transactions and other strategic matters.
"Hank has played an integral role in virtually every major development at Rainbow, its networks and its related entities," James Dolan said in a prepared statement.
"He is a first-rate strategic thinker who has also helped to guide a number of Cablevision-related transactions," he added. "Given what Hank has achieved and the great work that he has done for the company, we know he will be a superb addition to Cablevision's executive team, and we look forward to his continued invaluable contributions."
In an interview, Ratner said his focus in his new job will be similar to his old one.
"I spent a lot of time at Rainbow working on strategy, transactions and alliances," he said. "That's what I'll be doing over here at Cablevision. The move is sort of a formalization because I had already started working on matters beyond Rainbow. It seemed natural to formalize that."
Ratner has had a hand in most of Cablevision's major transactions in the past decade, including the Dec. 9 sale of Bravo to General Electric Co.'s NBC unit for $1.25 billion.
Ratner was also involved in the Dec. 19 agreement to sell about 50 personal-communications-services licenses owned by Cablevision-controlled Northcoast Communications LLC to Verizon Wireless for $750 million.
Ratner said his appointment does not signal that a major corporate deal is in the works.
"It is an indication that what I was doing before will continue to be needed in the future," he added. "Strategy is always important. There are going to be transactional opportunities, and alliances always make sense. Importantly, we will remain very focused on our growth plan that we've announced and that we're executing."
That includes continuing the rollout of its digital-cable service and its high-speed-data product, Optimum Online, he said.
One of Ratner's earlier deals -- the creation of the Fox Sports Net regional sports networks and News Corp.'s $850 million investment in Rainbow's sports channels -- has again entered the news.
News Corp. has an option that became exercisable Dec.18 to put its interest in the regional sports networks to Cablevision for cash. That option expires Jan. 18.
While neither party has revealed what it will do, Cablevision has the option of buying out News Corp.'s interest, doing nothing, or negotiating another alternative -- possibly swapping its interests in the regional sports networks outside of New York for News Corp.'s interest in Madison Square Garden.
Ratner said he has been in regular contact with News Corp. since he first did the deal five years ago. "There are three potential alternatives, all of which we would be happy with," he added.
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