Cablevision 2013 Annual Report Download - page 15

(9)
pre-tax gain of approximately $408 million for the year ended December 31, 2013 relating to the Bresnan
Sale.
Clearview Cinemas
On June 27, 2013, the Company completed the sale of substantially all of its Clearview Cinemas' theaters
pursuant to the asset purchase agreement entered into in April 2013. The Company recognized a pretax
loss in connection with the Clearview Sale of approximately $19.3 million.
AMC Networks Inc. Distribution
On June 30, 2011, Cablevision distributed to its stockholders all of the outstanding common stock of
AMC Networks Inc. ("AMC Networks"), a company which consists principally of national programming
networks, including AMC, WE tv, IFC and Sundance Channel, previously owned and operated by the
Company's Rainbow segment (the "AMC Networks Distribution"). The AMC Networks Distribution
took the form of a distribution by Cablevision of one share of AMC Networks Class A Common Stock
for every four shares of Cablevision NY Group ("CNYG") Class A Common Stock and one share of
AMC Networks Class B Common Stock for every four shares of CNYG Class B Common Stock. As a
result of the AMC Networks Distribution, the Company no longer consolidates the financial results of
AMC Networks. Accordingly, the historical financial results of AMC Networks have been reflected in
the Company's consolidated financial statements as discontinued operations for all periods presented.
MSG Distribution
On February 9, 2010, Cablevision distributed to its stockholders all of the outstanding common stock of
Madison Square Garden, a company which owns the sports, entertainment and media businesses
previously owned and operated by the Company's Madison Square Garden segment (the "MSG
Distribution").
Competition
Cable Television
Our cable television systems operate in an intensely competitive environment, competing with a variety
of other video programming providers and delivery systems, including incumbent telephone companies,
satellite-delivered signals, Internet-based programming and broadcast television signals available to
homes within our market by over-the-air reception.
Incumbent Telephone Companies. We face intense competition in the New York metropolitan service
area from two incumbent telephone companies. Verizon Communications, Inc. ("Verizon") and AT&T
Inc. ("AT&T"), which offer video programming in addition to their voice and high-speed Internet access
services to residential customers in this service area, compete across all of our telecommunications
products. Verizon and AT&T have made and may continue to make promotional offers to customers in
our New York metropolitan service area at prices lower than ours. The attractive demographics of our
service territory make this region a desirable location for investment in video distribution technologies by
these companies. Verizon has constructed fiber to the home network plant that passes a significant
number of households in our service area. Verizon does not publicly report the extent of their build-out
or penetration by area. We estimate that Verizon is currently able to sell a fiber-based video service to at
least half of the households in our service area. Verizon's build out and video sales activity in our service
area is difficult to assess because it is based upon visual inspections and other limited estimating
techniques, and therefore our estimate serves only as an approximation. Verizon has also built its fiber
network to areas where we believe it is not currently able to sell its fiber-based video service.
Accordingly, Verizon may increase the number of customers in our service area to whom it is able to sell