Harbinger Capital Accumulates 4.9% Stake in Cablevision Systems (CVC)

Harbinger Capital Partners disclosed in its latest 13F filing that it has built up a 10,948,000 share stake in Cablevision Systems Corp. (NYSE: CVC) through its Master Fund and Special Situations hedge funds. The hedge funds also own call options that, if exercised, would give them another 502,000 shares. The total Harbinger stake in Cablevision is about 4.9%, just below the 5% threshold required for a more detailed 13D or 13G filing.

A 13D would be required if Harbinger intends to influence management, which is often Harbinger's M.O.

Articles in Bloomberg and the Wall Street Journal have speculated that Harbinger could team up with Mario Gabelli's Gamco, another large Cablevision shareholder, who has called on the company to sell assets, including its cable TV systems and cable channels.

While Cablevision's Dolan family still controls 74% of the voting power through their Class B shares, the activists could pressure CEO James Dolan to make shareholder friendly moves to lift the stock.

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