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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 29, 1997
CABLEVISION SYSTEMS CORPORATION
(Exact Name of Registrant as specified in its charter)
Delaware
(State of Incorporation)
1-9046 11-2776686
(Commission File Number) (IRS Employer
Identification Number)
One Media Crossways, Woodbury, New York 11797
(Address of principal executive offices)
Registrant's telephone number, including area code:
(516) 364-8450
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ITEM 5. OTHER EVENTS
On August 29, 1997, Cablevision Systems Corporation ("Cablevision")
and its wholly-owned subsidiaries U.S. Cable Television Group, L.P. ("U.S.
Cable"), ECC Holdings Corporation ("ECC"), and Missouri Cable Partners, L.P.
("Missouri", and together with U.S. Cable and ECC, the "Sellers") entered into a
definitive agreement with Mediacom LLC ("Mediacom") for the sale to Mediacom of
the Sellers' cable television properties for $315 million.
The sale is part of a plan outlined earlier this year by Cablevision
to divest itself of cable systems in non-core markets and is the largest such
divestiture by Cablevision announced to date.
The proceeds from the sale will be used by the Sellers to retire the
indebtedness of U.S. Cable, with all remaining proceeds being distributed by the
Sellers to Cablevision. Cablevision anticipates using any such proceeds to
reduce indebtedness under its principal bank credit agreement.
Consummation of the sale is subject to the receipt of required
regulatory approvals and third party consents, including expiration or
termination of the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA
FINANCIAL INFORMATION AND EXHIBITS
None.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CABLEVISION SYSTEMS CORPORATION
By: /s/ Marc Lustgarten
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Name: Marc Lustgarten
Title: Vice Chairman
Dated: September 4, 1997
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