The company, which owns the Madison Square Garden cable network, Radio City Music Hall, the New York Knicks basketball team and the New York Rangers hockey team, posted a net loss of $281.6million (EUR323.1m), compared with a year-earlier profit of $556.6m (EUR638.1m).
The company blamed the results on weaker attendance at its entertainment venues, digital cable expenses and steeper losses at its The Wiz retail stores.
Prior to the announcement, Goldman Sachs analyst Richard Greenfield cut his rating Cablevision to "market perform'' from "market outperform''. Among Goldman's concerns was the growth of the company's MSG operations, which has lost the right to carry baseball games involving the New York Yankees. "We are concerned by MSG's growth prospects given the loss of its core Yankees franchise,'' he wrote.
Cablevision Systems has said it would add subscribers this year more slowly than Wall Street expected, and would end the year with far fewer digital cable subscribers than it had forecast.
