Crains New York - March 4, 2013 - (Page 4)
photos: buck ennis
IN THE
MARKETS
by Aaron Elstein
Crain’s New York Business seeks nominations
for its annual Top Entrepreneurs awards.
The six winners will have distinguished
themselves by showing a pattern of growth
and innovation in their businesses and by
contributing to the quality of life in their
communities.
Firms must be for-profits that have been in
business for at least three years. They must
have annual sales of less than $100 million
and be located in New York City. Companies
can nominate themselves or they can be
nominated by a business contact.
The entry deadline is March 15. Winners
Motivate.
Celebrate.
Congratulate.
will be profiled in the June 3 issue.
To submit an entry, complete the form
at www.crainsnewyork.com/features/
top-entrepreneurs/nominate.
Last year’s winners were (from left) Matt
Blumberg of Return Path, Charles Feit of
OnForce Solar, Laura Geller of Laura Geller
Makeup, Colin McCabe and Tony Shure of
Chop’t Creative Salad Co., Joe Meyer of
HopStop, and Clint White and Simona
Tanasescu of WiT Media.
Have a question? Contact Contributing
Editor Elaine Pofeldt at epofeldt@
crainsnewyork.com.
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newscom
Crain’s seeks nominations
for 2013’s Top Entrepreneurs
Customers tune
out Cablevision
A
steady stream of New York companies are reporting
how much damage they sustained from Sandy. They
now include Cablevision Systems Corp., which last
week disclosed a $109 million drop in adjusted operating
cash flow for the fourth quarter as a result of the storm.
The company worked hard to repair the damage,
deploying 1,000 generators and repairing more than 450
miles of damaged lines after 60% of its 3.2 million cable
customers had their service interrupted. Still, there was only
so much Cablevision could do. That’s because most of its
customers rely on the Long Island Power Authority, which did
a dismal job restoring power after Sandy.
But what really stung is that the Bethpage, L.I.-based
company lost 50,000 cable-TV
customers last quarter, more than
triple the loss experienced in the
year-earlier period. That, more
than anything Sandy-related, explains why Cablevision’s stock price
dropped by 11% last week.
Luring these folks back could be
tough, considering that people now
can watch many of their favorite
programs online. Meanwhile, cable
bills are marching higher as networks like ESPN charge ever more
for their broadcasts.
Programming costs for Cablevision and other carriers soared by
12% last year, according to debtresearch firm CreditSights, and are
expected to rise by a similar amount
this year. That rate of inflation, by
the way, is equal to Nigeria’s.
To defray these rising costs, Cablevision said last month that starting in April all customers would pay
an extra $2.98 per month to cover the
expense of carrying the Yankees’ YES
Network, the Mets’ SNY and the
Knicks’ MSG Network. (Dish TV and Verizon have instituted similar charges.)
Irony alert: Cablevision owned
the MSG Network until spinning it
off in 2010, and Cablevision Chief
Executive James Dolan (above) is the
chairman of Madison Square Garden
Co. Cablevision officials “only have
themselves to blame for the rising
costs they are facing,” observed
CreditSights analysts in a report last
week. Asked about his dual relationship with Cablevision and MSG by
an analyst on a conference call last
week,Mr.Dolan replied:“We do the
right things for Cablevision.”
If enough customers balk at Cablevision’s higher rates, one alternative for the carrier would be to move
sports channels from basic-cable
packages and create a premium tier.
That was just what Cablevision
proposed back when the Yankees
launched YES in 2002, and, as a result, the provider didn’t carry the
network for a year.That history may
have been on Mr. Dolan’s mind last
week when an analyst asked him if
he thought sports programming
should be paid for only by cable customers who want it.
“I don’t think I’m going to comment on that,” Mr. Dolan said. Ⅲ
$8.6M
THE AMOUNT Fairway
Markets has paid in
management fees since
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firm that bought a controlling stake in the grocer back in
2007. The fee goes away after Fairway goes public, which it
hopes to do now that its Sandy-damaged store in Brooklyn
has reopened.
4 | Crain’s New York Business | March 4, 2013
http://www.crainsnewyork.com/features/top-entrepreneurs/nominate
http://www.macys.com
http://www.macys.com/corporatesales
http://www.macys.com
Table of Contents for the Digital Edition of Crains New York - March 4, 2013
Crains New York - March 4, 2013
IN THE BOROUGHS
IN THE MARKETS
THE INSIDER
SMALL BUSINESS
REAL ESTATE DEALS
BUSINESS PEOPLE
OPINION
GREG DAVID
REPORT: 2013 ELECTIONS
CLASSIFIEDS
NEW YORK, NEW YORK
SOURCE LUNCH
OUT AND ABOUT
SNAPS
Crains New York - March 4, 2013
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