Cablevision Shares Up as It Exits Race for DirecTV
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Cablevision Systems Corp. shares gained 2.6% on news that it had dropped out of the race to gain control of DirecTV, clearing the field for longtime suitor Rupert Murdoch’s News Corp.
The decision came amid widespread skepticism that Cablevision could overcome financial and regulatory hurdles to gain control of the biggest U.S. satellite TV provider. The cable TV operator plans to launch a satellite by Aug. 31 even though analysts say it lacks the resources to compete successfully with DirecTV and EchoStar Communications Corp.
Shares of Cablevision rose 51 cents to $20.50 on the NYSE.
News Corp. is expected to formalize its bid for DirecTV as early as this week.
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