Cablevision Systems Corp. is restructuring parts of its operations, and it
plans to lay off 600 employees, or about 4 percent of its work force.
The move prompted the company to take a $55 million charge against earnings
for the fourth quarter, which ends Dec. 31.
The company said the cutbacks would affect 'corporate, administrative and
infrastructure functions across various business units,' and the costs include
employee severance and getting out of leases or subleasing space.
The MSO said customer-relations and field-service operations in its cable
systems are not expected to be affected.
Cablevision's other units include The Wiz consumer-electronics chain, Madison
Square Garden and Radio City Music Hall, all of which are particularly
vulnerable to the struggling metro New York economy.