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 no longer seems to be looking for a sale of the cable operator but instead 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 ($358.5 million) for 2007, down from €223 million in 2006. Net profit declined to €168.7 million. M6 boosted its revenue 5.7% to €1.4 billion ($2.1 billion) thanks to higher advertising revenue.