Harbinger Capital Management, an activist hedge fund has accumulated a 4.9% stake in Cablevision Systems Corp, according to The Wall Street Journal.
In a regulatory filing, Harbinger said that it had bought 11.45 million of Cablevision's Class A shares. Harbinger, now Cablevision's fifth biggest shareholder, was not present at meetings with the company's top executives and large investors this week, the Journal said, citing a person familiar with the meetings.
The move may have prompted CEO James Dolan to explore options. Cablevision shareholders rejected a $36.26-a-share buyout from the founding Dolan family last October. That bid was the family's fourth attempt to take the company private.
The Dolan family owns 75% of the voting rights for Cablevision. It remains unclear what Harbinger intends to do with its holding. Harbinger isn’t currently planning a proxy fight with the company, said a person close to the company.
Cablevision last month acquired 97% of Newsday Media Group ("Newsday") through the formation of a new partnership with Tribune Company. For Cablevision, the completion of this transaction adds a complementary print and online media group with local content in the New York area.
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