The deal includes a package to entice cord-cutters: Cablevision will offer the network’s standalone video streaming service, CBS All Access, for the CBS broadcast network, and Showtime Internet. The price for the streaming services and the start date have not been announced.
That part of the deal gives Cablevision bragging rights to being the first cable or satellite provider to gain the right to market CBS’s streaming services. The services will be available to Cablevision’s Optimum Online customers.
In its second-quarter earnings report released earlier this month, Cablevision said it lost 16,000 video customers and reported a total of 2.64 million video subscribers at the end of June. The company added 14,000 high-speed data customers to bring its total subscriber number to 2.78 million.
The company’s second-quarter revenues also rose, but that was the result of higher prices to help offset higher costs and lost video subscribers. Cablevision needs to find a way to persuade cord-cutters and cord-nevers to pay for streaming video. How successfully the company can do that, without resorting to costly promotional pricing, will be the test.
Cablevision’s stock traded up about 2.4% on Tuesday, at $23.20 in a 52-week range of $16.94 to $28.95.
CBS stock traded up nearly 2%, at $44.80 in a 52-week range of $40.75 to $63.95.
ALSO READ: Where Will Warren Buffett Put Money as Markets Collapse?
Today’s Top Rated Credit Cards Are Hard to Believe
It’s hard to believe, but today there are credit cards offering up to 6% cash back (you read that right) on some items, $200 statement credits, $0 annual fees, travel rewards, and more. See for yourself, we’ve assembled a list of the top credit cards today right here.
Frankly, with rewards this good we don’t expect them to be available forever. But if you sign up today you can secure some of the best rewards we’ve ever seen. Click here to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
