Cablevision Posts Smaller 2nd-Quarter Loss

Cablevision Systems Corp. which owns cable television systems and professional sports teams, reported Wednesday a narrowing second-quarter loss and said it would create a tracking stock linked to its interests in cable TV programming.

The tracking stock, to be called the Rainbow Media Group, would reflect the performance of Cablevision’s stakes in cable channels Bravo, American Movie Classics, Independent Film Channel, Fox Sports Net and others.

The company, with nearly 3 million cable TV subscribers, reported a net loss of $171.7 million, or 99 cents a share, for the second quarter, compared with a loss of $167.8 million, or $1.10, in the year-earlier period.

Revenue increased to $1.1 billion, compared with $946.3 million a year ago. Operating cash flow totaled $252.7 million, compared with $201.4 million.

Assuming the same portfolio of assets for both 2000 and 1999, revenue increased 13%, and operating cash flow increased 18%

The company--which also owns the New York arena Madison Square Garden, the National Hockey League’s New York Rangers and the National Basketball Assn.’s New York Knicks--showed a 2.1% increase in basic subscribers from a year ago.

Shares of Cablevision, based in Bethpage on Long Island, rose $1 to close at $65.88 Wednesday on the New York Stock Exchange.