Cablevision Term Paper

Cablevision Term Paper

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     For the past twenty years my family has been subscribed to Cablevision for cable services. I have enjoyed the eighty channels and special movie channels that they offer. The excellent service they have provided for many years only gets better. When Cablevision came out with IO digital cable my family upgraded. I no longer have to go out and rent movies. Instead I now order them from the television. Instead of eighty channels there are now hundreds of channels to choose from. The variety of things to watch on my television is unlimited. Many of neighbors that used to have satellite television were unhappy with the service. I recommended them to switch over to Cablevision. When they made the switch they were extremely pleased with the service. My family also uses their service of Optimum Online for our computer. We used to have a dial up service that took forever until we upgraded to Optimum Online. The internet is now extremely fast on my computer, and I have never had to wait for anything to load ever since. We also use Optimum voice which has so many options to use. There is enhanced voicemail, call waiting, and caller ID helps making phone calls better. I am a fan of the New York Rangers and the New York Knick’s in which Cablevision owns. Ever since I was a little kid I would wear jerseys of the Knick’s and Rangers and go to some of their games. Although I wish I had season tickets for both teams, I was still able to watch them play on television. Many people do not have the privilege of Cablevision’s services. Instead they have satellite television which they think is much better than Cablevision. However, they are extremely wrong in making that statement. My neighbor had satellite television for three years and was fed up with it after those years. The best time to watch a good movie is when it is raining outside and there is nothing to do. The only problem is that whenever it is raining or there is a storm outside, the satellite does not work properly. This causes everyone to be unable to watch television. With Cablevision you can watch you TV anytime you want without any interruptions. As you watch TV you can watch the Knick’s and Rangers play and call up your friends using Optimum Voice and tell them about the great service Cablevision offers.

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Products and Services

With iO you get over twenty eight popular digital channels. They include The Biography Channel, Discovery Times Channel, National Geographic Channel, and History International. It also includes VH1 Classic, MTV Hits, Nickelodeon GAS, Toon Disney and Fox Movie Channel. It allows you to enjoy the convenience of on demand movies and shows from iO. With hundreds of hit movies, classic films, and original series to choose from, it's like having a video store in your home. Unlike a video store there are no returns and no late fees. When you want to watch a movie, just pick up the remote control and order away. With Magazine Rack you can bring your interests to life with a collection of over twenty on demand video magazines covering your hobbies in depth. They include Yoga Retreat, Your Next Car, and Personal Trainer. Unlike other services there are no additional costs. With iO digital music channels you can listen to the music you want to hear. The channels include rock, classical, oldies, country, and show tunes. iO allows you to get up to fifty premium movie channels. The networks include HBO, Showtime, STARZ, and Encore. When you sign up for either HBO, Cinemax, or Showtime you can add HBO on Demand, Cinemax on Demand, and Showtime on Demand. You can also add the Disney Channel on Demand for Disney movies and series at any time. Plus you can pause, rewind and fast-forward. iO can also allow you to get access to high-definition television from HBO, Showtime, MSG Network, and Fox Sports Net New York. It gets you more of the sports action you demand by adding optional sports packages. The packages are NBA, MLB, NHL and now Major League Soccer. Optional ESPN college basketball and football packages are available too.

Cablevision's Optimum Online, the industry's first self-install, fast Internet access cable-modem service is revolutionizing the way people in the tri-state area view and use the Internet. No phone line is needed because Optimum Online works through fiber-optic cable wires, not phone lines. This means that you can surf the web without tying up your phone line or blocking incoming calls. Optimum Online also works with the latest digital cable modems designed to leave skid marks on the information super-highway. You can skip the dial-up service and use Optimum Online to take your AOL experience to a new level of speed and excitement. Optimum Online lets you download data at speeds more than 150 times faster than traditional phone connections. It lets you search, shop, bank, trade stocks, etc. Now with Optimum Online, you're on immediately, with no dial-up or busy signals, and you stay on without getting thrown off. So you can check things out on the web anytime you feel the urge to do so. With Optimum Online, your children spend less time waiting and more time learning. An uninterrupted Internet connection and faster download speeds help you give your children an educational boost. Because Optimum Online doesn't use your phone line, you may be able to save money over the costs of dial-up service. Plus, you'll get free use of a cable modem for as long as you maintain your Optimum Online service. Most services are very expensive and do not provide excellent quality. You might think that all the benefits such as: instant on, uninterrupted Internet service, freedom from your phone line, and faster download speeds would cost you a lot of money. In fact, Optimum Online can save you money over traditional dial-up Internet services. If you have Cablevision's Family cable package or above, instead of $49.95 per month, you pay just $44.95 per month.

Customer Video Subscription Level     Optimum Online Service Price     Optimum Online Savings Per Month     Modem Price
Family or Above*     $44.95/month     $5/month     $0
Non-Video Subscriber1     $49.95/month     $0/month     $0
Broadcast Basic**     $49.95/month     $0/month     $0
Additional Modems     $44.95/month*** (Each Additional Modem)     $0/month     $0

Optimum Voice is a high-quality voice service available exclusively to Optimum Online subscribers. It offers unlimited local, regional and long-distance calling within the United States and Canada and popular calling features at one low, flat monthly rate. Now you can connect all your existing phones to Optimum Voice at no additional charge. With Optimum Voice, you can call anywhere within the United States and Canada, any time of the day or night, and talk as long as you like, all for just $34.95 a month. We also offer great international rates without charging an expensive plan fee. Optimum Voice includes seven premium calling features, plus My Optimum Voice.
1.) Enhanced Voicemail: Provides all the features of an answering machine with added convenience and flexibility.
2.) Call Waiting: Alerts you that someone is calling while you are on the phone.
3.) Caller ID: Find out who's calling before you answer the phone.
4.) Caller ID Blocking (*67): Block your name and number when you make a call.
5.) Call Return (*69): Automatically dials the last incoming caller to your line.
6.) Three-Way Calling: Add a third party to your conversation.
7.) Call Forwarding: Directs your incoming calls to a forwarding number so you never miss an important call.
8.) My Optimum Voice: Easily manage calling features, receive voicemails via the web and view all your call details at your convenience, all with the click of the mouse.

Call around the block or across the country for one low, flat rate.

•      Optimum Voice gives you the freedom to make unlimited local, regional and long distance calls anywhere within the United States and Canada around the block or across the country.
•      You always pay one low, flat rate, no matter when you call even during so-called "peak" hours.

There are no per-call charges, no per-minute fees.

•      No per-call charges. Call as often as you like.
•      No per-minute fees. You can talk for hours, if you want, and it's all included in the low, flat monthly fee.

You can get seven premium calling features at no extra charge. Optimum Voice makes your life easier by including seven popular custom calling features plus My Optimum Voice at no extra charge:
•      Enhanced Voicemail: Provides all the features of an answering machine with added convenience and flexibility.
•      Call Waiting: Alerts you that someone is calling while you are on the phone.
•      Caller ID: Find out who's calling before you answer the phone.
•      Caller ID Blocking (*67): Block your name and number when you make a call.
•      Call Return (*69): Automatically dials the last incoming caller to your line.
•      Three-Way Calling: Add a third party to your conversation.
•      Call Forwarding: Directs your incoming calls to a forwarding number so you never miss an important call*.
•      Plus My Optimum Voice: Easily manage calling features, receive voicemails via the web and view all your call details at your convenience, all with the click of the mouse.

•      Optimum Voice's extraordinary $34.95 price point can lower the cost of your phone bill.
•      Optimum Voice's flat rate allows you to predictably budget your communication expenses month to month.
•      Optimum Voice can also save you money as a second line.

•      With Optimum Voice you no longer have the hassle of paying separate local and long distance bills.
•      There are no surprises; your bill is the same $34.95, all inclusive, month after month.

About Cablevision

Cablevision Systems Corporation is one of the nation's leading telecommunications and entertainment companies. Its operations range from high-speed Internet access and digital cable television offerings to professional sports teams. Central to Cablevision's mission is a commitment to enrich customers' lives by providing the greatest possible choice of entertainment, sports, information, digital and telecommunications services utilizing state-of-the-art technology. Founded in 1973 as a cable television operator with 1,500 Long Island customers, Cablevision currently operates the nation's single biggest cable cluster, serving three million households in the New York metropolitan area. Cablevision's fiber-optic coaxial network provides the framework for this extensive service area. This state-of-the-art system also enables the company to expand beyond traditional video services, connecting customers to advanced customized communications products. They include Cablevision's iO digital service, Optimum Online high-speed Internet access, and its Lightpath integrated business telecommunications services. Compelling content has always been the cornerstone of Cablevision's cable television offerings. Through its Rainbow Media Holdings, Cablevision offers an unmatched suite of local and regional programming, including its targeted New York lineup. It includes the Metro Channels, News 12 Networks, MSG Network, and Fox Sports Net New York. Complementing these local and regional services are Rainbow's strong national networks: AMC, The Independent Film Channel, Women's Entertainment, and a fifty percent holding in Fox Sports Net. In addition to delivering quality programming to the home, Cablevision provides exciting live sports, exhibitions and other entertainment offerings through its New York metropolitan area properties. They are Madison Square Garden, The Theater at Madison Square Garden and its teams, the Knick’s, Rangers, and WNBA Liberty. Cablevision also owns Radio City Entertainment and holds a long-term lease on Radio City Music Hall, home of the world-famous Rockettes. Today, Cablevision continues to strengthen its position as a leading broadband communications, sports and entertainment provider in the New York market. In fall 2001, the company made its most significant technological advance to date, launching iO: Interactive Optimum. In addition to sharper, more brilliant images, crystal-clear digital sound and an expanded range of digital cable channels, this new suite of digital services gives customers more control over the television experience. It also offers a comprehensive set of services, including video-on-demand, digital programming, and select niche video content and interactive television. Offered exclusively as part of iO is Mag Rack, a video-on-demand service delivering original content focused on the hobbies, lifestyles and special interests of Cablevision viewers. Launched in October 2001 through Rainbow Media's Sterling Digital, Mag Rack is the first and only service designed and produced exclusively for video-on-demand, and the latest evolutionary step towards ever more personalized and targeted television programming. The service currently offers more than thirty in-depth video magazines on topics ranging from science, bird watching and motorcycles to wine, weddings and vegetarian cooking. Cablevision continues to bring the digital world to schools and libraries in its service areas, providing Optimum Online to more than 1,300 primary and secondary schools through the company's multimillion-dollar Power to Learn initiative. Under the direction of a seasoned executive team, Cablevision is building superior value for shareholders by continuing to concentrate on developing world-class connectivity, cutting-edge content and state-of-the-art distribution. At the same time, the company is utilizing its unique resources such as: its broadband telecommunications network, its new comprehensive suite of digital services, and its live and televised entertainment properties. It offers customers superior choices and unparalleled value in entertainment and communications today and into the future.
Cable and Communications
Millions of households in the New York metropolitan area depend on Cablevision for connectivity. Today's customers want and tomorrow's customers will need more. That's why Cablevision is looking for ways to unlock the full potential of its digital assets and forever change the way consumers live, work and play. For the past five years, Cablevision has been preparing itself, its assets and its customers for a revolutionary way of integrating televised programming, live entertainment and digital technology. The company's new suite of digital services, iO: Interactive Optimum is among the most robust in the world. It allows broadband offerings, local programming, sports teams, and entertainment venues to connect with households, schools, businesses, and the community at large. With iO, Cablevision's platinum digital network is expanding beyond traditional video services to deliver advanced, customized digital services. The services include video-on-demand, digital programming, interactive television, an interactive programming guide, and e-mail service through the television all at the touch of a button. In fact, when the company launched iO to customers in western Long Island in fall, 2001, it made its most significant technological advance to date. In addition to sharper, more brilliant images, crystal-clear digital sound and an expanded range of digital cable channels, this suite of digital services gives customers more control over the television experience. It also boasts Mag Rack, a video-on-demand service offered exclusively as part of iO that delivers original, in-depth video magazines focused on the hobbies, lifestyles and special interests of Cablevision's viewers. Both iO and Mag Rack will continue to expand and diversify, with more than 50 video magazines to be available by the end of 2002. Expediting its roll out of iO and among its most ambitious projects is Cablevision's ongoing facilities rebuild program, the fastest in the cable industry, creating state-of-the-art, 750 MHz, 500-home node fiber optic cable systems throughout the company's service areas. This 34,000 route-mile rebuild will complete the shift from analog technology to the limitless world of digital entertainment and communications. It will also enable Cablevision to broaden the bandwidth of its multimillion-dollar Power To Learn initiative, which currently provides more than 1,000 K-12 schools and libraries with its Optimum Online high-speed Internet access and on-line learning tools. Heralding the potential of new digital services, Cablevision's Optimum Online has enjoyed tremendous growth and success since its introduction. The industry's first self-install cable modem powered Internet access service, Optimum Online is up to 100 times faster than traditional dial-up, and is the most economical and convenient high-speed Internet access service for consumers in the tri-state area. Cablevision's broadband video and telecommunications offerings form the core of the company's strategy, and its Cable Operations division is leading the charge into the future. Cablevision provides New York metropolitan area residents with unmatched choice, selection and convenience, serving three million households. Customers are able to choose from a range of television packages to meet their individual wants, needs and budgets with products and services not available anywhere else. Adding to this success, the company's Optimum TV offering attracts new customers with enhanced channel capacity, customer acquisitions and upgrades. While more and more residential customers join the Cablevision family and prepare for the digital future, the area's largest and most demanding businesses depend on Cablevision's Lightpath for reliable, cost-effective business telephone and telecommunications services. Lightpath's fiber-optic SONET-based network is configured to support a broad array of advanced voice, data, Internet and video applications. This includes LAN-to-LAN and Ethernet connectivity, virtual private networks, IP telephony and the highest-speed Internet access available anywhere via Lightpath offers specific solutions for many industries, including education, government and healthcare. In addition to in-patient telephone and television service, Lightpath's healthcare telecommunication packages, known together as the Lightpath Interactive Healthcare Network. It offers telemedicine applications, with video facilities located in clinics, or patients' homes, allowing hospital-based specialists to see and interview patients, make diagnoses and recommend treatment all in real time. Lightpath has constructed the Westchester Telecom Network which provides county offices and area businesses with access to the most advanced telecommunications services available in the nation. The multimillion-dollar high-speed fiber optic network links schools, libraries, municipalities and hospitals, providing them with integrated voice, video, and data communications. And the list of customers, and services, just keeps growing. An industry leader since its inception in 1973, Cablevision will nurture this growth and continue to define the digital future as it pioneers products and services designed to enhance customer satisfaction and connectivity.
Sports and Entertainment
·     Madison Square Garden
Today's Madison Square Garden is the fourth of a line of facilities built to house New York's most exciting events. In 1874, circus master P.T. Barnum purchased an abandoned railroad shed at 26th Street and Madison Avenue. Originally called, Barnum's Monster Classical and Geological Hippodrome, the open-air building was unveiled on April 27, 1874 and promoted spectacles featuring everything from chariot races to waltzing elephants to fire-eating showmen. The lease to Barnum's Hippodrome changed ownership and titles several times, becoming Gilmore's Garden in 1875, and eventually, Madison Square Garden on Memorial Day 1879 when William Vanderbilt took over the five-year-old facility and gave the building its now-famous name. The open-air Garden stood until 1889 when it was demolished to build a two million structure at the same location. The second garden opened on June 16, 1890. It endured through 1925, when the New York Life Insurance Company, which held the mortgage on the property, decided to erect its headquarters on the site. So Madison Square Garden was once again reincarnated. This time on Eighth Avenue between 49th and 50th streets, the site of New York City's trolley car barns. The third garden was built in 249 days. It would endure for 43 years. In 1960, plans were announced for the construction of a fourth Madison Square Garden, to be located above Pennsylvania Railroad Station between 31st and 33rd streets on Seventh Avenue. Demolition of the old Penn Station began in 1963, the new foundations were poured in 1964, and the $116 million facility began to take shape. In February 1968, the third garden housed its final events: a Rangers hockey game that ended in a 3-3 tie with the Red Wings; a Knicks-76ers basketball game that closed with a 115-97 Knicks' victory; and the Westminster Kennel Club Dog Show. That winter weekend marked the only time in history that Madison Square Garden events were held simultaneously in two buildings. Meanwhile up the block, Madison Square Garden IV opened February 11, 1968 with a salute to the United Service Organizations starring Bob Hope and Bing Crosby. It was a star-studded celebration, the first of many to come at the new arena. The Garden IV rests on an 820,000 square-foot plot of land. The facility includes the 20,000-seat main arena, The Theatre the 40,000-square foot Expo Center, two restaurants and 89 club suites. Thirty years of memories are crammed into Madison Square Garden IV, including the most anticipated sporting event of the 20th century: the March 8, 1971 world heavyweight championship bout between boxing legends Muhammad Ali and Joe Frazier. The current Garden has seen the Knicks win two world championships (1970 and 1973) and the Rangers one (1994). The Rangers continued to two other Stanley Cup Finals in Garden IV, losing to the Boston Bruins in 1972 and the Montreal Canadians in 1979, and the Knicks reached the NBA Finals under its roof in 1972, losing to the Los Angeles Lakers, and 1994, losing to the Houston Rockets. A permanent installation honoring him is situated in the Mall. And the band that played more dates in the current Garden than any other? The Grateful Dead, rocking the arena an amazing 52 times from 1979 through 1994. In October 2001, the Garden hosted The Concert for New York City to celebrate the strength, resilience and pride of New York City and America in the wake of the September 11th tragedy. More than 5,000 tickets were donated to families of rescue workers killed at the World Trade Center, and the money raised from the event was donated to The Robin Hood Foundation. The concert featured dozens of musicians and celebrities including The Who, Bon Jovi, Eric Clapton, Paul McCartney and Mick Jagger. The current Garden has also hosted awards shows such as The Grammy’s, the VH1 Fashion Awards, The VH1 Divas Awards, The Espy’s and the Essence Awards. And it is home once a year to elephants, dogs and cats. Professional boxing has made a strong comeback at The Garden with sold-out world championship bouts in both The Arena and The Theatre. Other events that call The Garden home are WWF Wrestling, professional tennis college basketball, including a slate of St. John's games and the Big East Tournament and others. Today, three events trace their lineage back to the first, open-air Garden: the Westminster Kennel Club Dog Show, which began in 1877; P.T. Barnum's traveling circus; and boxing. With such a long, rich history, it's easy to see how Madison Square Garden has become the "World's Most Famous Arena."
·     Radio City Music Hall
Radio City Music Hall opened its doors on December 27, 1932. The first building in the Rockefeller Center complex, the $8 million music hall was the largest indoor theater in the world at the time. It rapidly became one of the main attractions of Rockefeller Center soon after its debut. The exterior of Radio City is ripple-finished gray Indiana limestone, decorated with vertical aluminum spandrels. Its world-famous exhibition area is as long as a New York City block and consists of more than six miles of red and blue neon, powered by 599 transformers; 50,000 pounds of steel and 40,000 pounds of aluminum were used in its construction. Originally the marquee was built around the Sixth Avenue elevated train, which was dismantled in 1939. The interior of the music hall was designed by Donald Deskey. The Grand Staircase in the Grand Foyer, Ezra Winter's Fountain of Youth mural portrays mankind in his search for eternal youth. Measuring 60 by 30 feet, the mural's canvas was so large that it had to be painted on a tennis court and transported in sections to the music hall. Among the beautifully appointed interior spaces, the Roxy Suite, Rothafel's private apartment, harbors 20 foot ceilings and walls paneled in richly grained cherry wood. The reception room flows into a more intimate dining area featuring a table that lights up from the center. Radio City's signature architectural hallmark is the immense proscenium arch of the auditorium, a semi-circular design that defines the space. The walls and ceiling are formed by a series of arches, each one larger than the next, creating a stylized representation of a sunrise that seems to be sinking into the sea of red velvet seats. The steel truss that supports the proscenium weighs 300 tons, making it the heaviest ever used in theater construction. Another well-known feature of the hall is the custom Wurlitzer organ, comprised of two consoles each weighing 2.5 tons. It takes 11 rooms to house the pipes, which range in height from a few inches to 32 feet. Completed in early 2000, Cablevision's $70 million restoration of the music hall is the most extensive ever undertaken at this historic venue, which was designated a New York City landmark in 1979 and a National Historic Landmark in 1987. World-renowned architect Hugh Hardy, founder of Hardy Holzman Pfeiffer Associates, led the restoration, assembling an expert team of artisans and technicians that included: restoration specialists Evergreene Painting Studios; lighting experts Fisher Dachs Associates and Fisher Marantz Stone; acoustic engineers Jaffe Holden Scarborough; and historic preservation consultants Building Conservation Associates. Barr & Barr, the contractor that built the hall in 1932, also participated in the restoration, as did W.B. Wood and American Seating Corporation, which were responsible for the procurement of furnished items and the re-creation of the hall's original seat fabrications. Cablevision first announced its intention to restore Radio City Music Hall when the company entered into a long-term lease agreement with property owners Tishman-Speyer Properties. The New York City Landmarks Preservation Commission approved the ambitious undertaking, highlights of which include:
restoration and cleaning of the Fountain of Youth mural in the Grand Foyer restoration and refurbishment of the 4,178-pipe Wurlitzer organ and refit of both organ consoles
replacement of all 5,901 theater seats application of more than 700,000 squares of gold-colored leafing overhaul and upgrade of the 67-year-old lighting system to a computer-controlled system
restoration of all public areas of the building, including the marquee, the lounges and the art deco ticket lobby replacement and restoration of the 1,500 decorative light fixtures installation of ADA-compliant supports throughout the theater installation of HDTV-capable fiber-optic cabling for HDTV capability Opening in time for the 1999 holiday season, the restored Radio City Music Hall is home to a 70 year Yuletide tradition and the #1 live show in America, The Radio City Christmas Spectacular. In addition to New York, the 2002 edition of the Christmas Spectacular will be seen in nine cities simultaneously this holiday season - Chicago, Detroit, Nashville, Dallas, Phoenix, Cleveland, Indianapolis, Minneapolis and Branson, MO. A record-breaking 2.1 million people saw The Radio City Christmas Spectacular franchise productions last year. The stars of the Christmas Spectacular, the Radio City Rockettes have endured for more than three-quarters of a century as the world's most famous precision dance troupe, and the music hall's signature act. From their memorable United Service Organizations tours during World War II, to show-stopping Super Bowl halftime appearances, to annual Macy's Thanksgiving Day Parade performances, the Rockettes have wowed audiences nationwide. The realization of creator Russell Markert. The Rockettes first kicked to life in 1925 as the "Missouri Rockets." They made their show business debut in St. Louis and were discovered and brought to New York by Rothafel, who first dubbed them the "Roxyettes". At Radio City's premiere on December 27, 1932, they shared the stage with 17 diverse acts, among them the Flying Wallendas, Ray Bolger and Martha Graham. Markert had created the ideal American chorus line. Starting with just 16 women, today the Rockette kick line features 36. Since 1932, more than 2,000 women have danced with the company. In 1933, Radio City featured a new movie and a lavish stage production every week starring the Rockettes. Markert's stringent requirements never varied, and he continued to stage and choreograph productions at the music hall until his retirement in 1971. His dance line was staged to achieve absolute precision so that the audience would see 36 Rockettes perform intricate routines always moving as "one dancer." Everything – the height, the costumes, the steps – was completely identical. The illusion of uniform height is maintained to this day by putting the tallest dancers in the center, and gradually decreasing the height until the shortest women are at either end. In addition to appearing in many Radio City Christmas Spectaculars, the Rockettes have toured in Broadway productions such as Can Can, and with a number of performers, including Peter Allen, Liberace, Ann-Margaret, Chita Rivera and Paula Abdul. In addition, the Rockettes danced at the premiere of Miracle on 34th Street, the premiere engagement of Disney's The Lion King, and of course, the 1999 Gala Reopening of Radio City Music Hall. The Radio City Rockettes will also star in the upcoming new theatrical, the Radio City Carnivale Spectacular in May 2003.
Standard and Poor’s
     We estimate that revenues of the core Telecommunications segment will increase 14% in 2004 and 11% in 2005, reflecting continued growth of the high speed data at the consumer services and the Lightpath business services divisions. We assume modest basic subscriber growth and rate increases, and further penetration of digital video with the launch of new services and features. Our model assumes that the spinoff of Rainbow Media Enterprises will occur in the third quarter. Telecommunications margins should widen in 2004 and 2005, as the benefits of higher average pricing and efficiency gains from a recent call center upgrade and channel realignment initiatives outweigh higher video programming costs and marketing spending associated with deployment of new services. However, we see potential margin pressures in the 2004 second half, due to a triple play cross promotion. Results should benefit from improved profitability at Madison Square Garden, and from the recent consolidation of Fox Sports Chicago and Bay Area, partly offset by continued losses at developing programming. We estimate 2004 consolidated EBITDA of about $1.3 billion, and see nearly $1.5 billion in 2005. With a recent refinancing of preferred stock helping to ease projected higher interest expenses, we expect loses per share of $1.48 in 2004, and $1.20 in 2005. We would hold the shares of Cablevision. We believe this well clustered cable operator is poised to increasingly leverage its state of the art broadband platform, as it drives higher penetration of bundled video, data, and most recently, digital telephone services to consumer and business customers. In its August 2004 conference call, management said its ongoing cross promotion, introduced in late June, was generating meaningful gains in bundled connects and churn reduction, with minimal cannibalization of existing subscribers. We are encouraged by the report, but remain wary that the program may not be sustainable in the long term. Nevertheless, we continue to expect positive free cash flow for 2005. Separately, we see about $2.5 billion of net operating loss carry forwards providing a valuable tax shield in coming years. Risks to our recommendation and target price include potential uncertainties associated with the planned spinoff and funding of Rainbow Media Enterprises; the possibility of a price war with RBOC and satellite competitors; what we see as a highly leveraged balance sheet and questionable earnings quality; and failure to achieve positive free cash flow. Our twelve month target price is $20 based on enterprise value of about 11 times estimated 2005 EBITDA and nearly $5,000 per basic subscriber, which we view as fairly valued versus cable peers.
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