Digest: Cablevision dips; Profit up at M6
EmptyCablevision dips on downgrade
Cablevision Systems shares were among the biggest decliners on The Hollywood Reporter's Showbiz 50 stock index Monday after Pali Research analyst Richard Greenfield downgraded the stock from "buy" to "sell." Greenfield argued that the controlling Dolan family seems no longer to be looking for a sale of the cable operator, but instead be eyeing more live entertainment venues. Cablevision shares fell 4.8% to $25.51.
Operating profit up at M6
French commercial TV broadcaster M6 posted a 5.9% increase in 2007 operating profit driven by its flagship M6 channel, but its net profit fell 58.7% compared with 2006 when it had a big one-time gain. Operating profit came in at 236.1 million euros ($358.5 million) for 2007, down from 223 million euros in 2006. Net profit declined to 168.7 million euros. M6 boosted its revenue 5.7% to 1.4 billion euros ($2.1 billion) thanks to higher advertising revenue.