Cablevision Systems Corp. said Thursday that it will lay off about 600
workers -- around 4 percent of its total work force -- as part of a plan to
improve operational efficiencies.
The company said in a prepared statement that it will take a $55 million
fourth-quarter restructuring charge for the layoffs -- mainly in corporate,
administrative and infrastructure functions across its business units.
Cablevision said the fourth-quarter charge includes employee severance,
expenses associated with facility realignment and other related
Although Cablevision would not reveal which business units will be hit
hardest by the layoffs, the company said in a prepared statement that its
consumer-telecommunications, customer-relations and field-service operations are
not expected to be affected.
'It is always very difficult to reduce staff.
However, it is also imperative that Cablevision position itself to achieve
maximum operational results,' president and CEO James Dolan said in a prepared
statement. 'Today's announcement is an outgrowth of a thorough strategic review
of 2002 and beyond.'
Cablevision declined further comment.
The MSO has about 3 million cable subscribers in the New York metropolitan
Its other business holdings include: the Madison Square Garden arena in
Manhattan; three professional sports teams -- the National Basketball
Association's New York Knicks, the National Hockey League's New York Rangers and
the Women's National Basketball Association's New York Liberty; and such cable
networks as Fox Sports Net, Bravo, WE: Women's Entertainment and American Movie
Classics through its Rainbow Media Holdings Inc. programming