Verizon Wireless In Talks To Buy Cablevision Unit

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Verizon Wireless In Talks To Buy Cablevision Unit
Dow Jones Newswires
September 19, 2002
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NEW YORK -(Dow Jones)- Verizon Wireless has held talks with Cablevision Systems Corp. (CVC) about buying the cable operator's wireless assets, the New York Post reported Wednesday.

The talks are still in the preliminary phase, and no transaction is imminent, but the report cites an executive close to Cablevision as saying the company is in the process of hiring an investment bank to advise on any potential deal.

The Post report also cites investment bankers as saying rival carriers Cingular Wireless and AT&T Wireless Services Inc. (AWE) may also be interested in buying the Cablevision assets, which are valued about $1 billion.

Spokesmen from Verizon and Cablevision declined to comment, the report said.

Verizon's talks with Cablevision are expected to heat up now that Verizon may be released from its obligation to make good on the more than $8 billion that it bid in a government auction for wireless spectrum early last year, the Post said.

The report also cited sources close to Cablevision as saying the company may be planning cuts of as much as 25% at Metro Channel unit, which is focused on fashion.

Verizon Wireless In Talks To Buy Cablevision Unit