Cablevision plans wireless broadband network

The earnings report came a day after Cablevision announced a $496 million purchase of Robert Redford's Sundance Channel. The network will continue on as its own brand within Cablevision's Rainbow programming subsidiary, which also includes AMC, IFC and WE tv.

Cablevision is also bidding $650 million to acquire Newsday, a major newspaper based on Long Island, but the company faces competing bids from Rupert Murdoch's News Corp., which owns the New York Post in neighboring Manhattan, and Mort Zuckerman, owner the New York Daily News. Murdoch said Wednesday he expected to clinch a deal for Newsday within a week.

Cablevision has declined to comment on its interest in Newsday, and CEO James Dolan declined to answer questions about it on the conference call with analysts Thursday. Cablevision owns a local news cable channel but hasn't operated a newspaper before.

For the first quarter, Cablevision posted a net loss of $31.6 million, or 11 cents per share, versus a net loss of $26.3 million, or 9 cents per share, in the same period a year ago. Revenues rose to $1.72 billion from $1.56 billion.

Operating income jumped 44 percent to $245.5 million, but the bottom line was affected by $104.9 million in losses from financial derivative contracts, which compared with comparable gains in that category of $65.1 million in the year-ago period.

Cablevision shares rose 2 cents to $23.77 Thursday afternoon, remaining close to the low end of their 52-week range of $20.68 to $39.75.