Cablevision Agrees to Binding Arbitration to Resolve News Corp. Dispute, Urges News Corp. Not to Pull the Plug on Fox 5 and My9 Company Is Willing To Work Around The Clock To Reach Fair Agreement, Will Submit To Binding Arbitration Under Neutral Third Party If An Agreement Cannot Be Reached Directly, To Ensure No Disruption Of Programming For Customers
BETHPAGE, N.Y., Oct. 14 /PRNewswire/ -- Cablevision Systems Corporation (NYSE: CVC) today agreed to submit to bipartisan calls from Reps. Steve Israel, Peter King and others for binding arbitration to ensure a new agreement with News Corp. is reached with no disruption of programming for Cablevision customers, and urged News Corp. not to pull the plug on Fox 5 and My9.
Charles Schueler, Cablevision's executive vice president of communications, issued the following statement on News Corp.:
"We will work around the clock to reach a new agreement and have appealed to News Corp. not to pull the plug on Fox 5 and My9. Cablevision would never take these broadcast stations away from our customers. While we would rather come to terms directly with News Corp., binding arbitration may be the best and fairest way to resolve this matter. Therefore, Cablevision will accept the bipartisan calls from Reps. Steve Israel and Peter King for binding arbitration under the direction of a neutral third party."
Cablevision late yesterday presented News Corp. with a new proposal, and the sides today continue to negotiate terms of a new agreement. Cablevision already pays News Corp. $70 million every year for its channels, and News Corp. is demanding more than $150 million a year for the exact same programming.
Cablevision is employing a variety of direct-to-consumer tactics to alert customers to News Corp.'s threats to pull Fox 5 and My9 off its system. Cablevision customers should urge News Corp. not to pull the plug by calling 1-877-NO-TV-TAX, visiting www.cablevision.com/fox, joining its Facebook group "Cablevision Viewers Say: No New Fox Fees" or following on Twitter @No_New_Fox_Fees
Cablevision Systems Corporation is one of the nation's leading telecommunications, media and entertainment companies. In addition to its Optimum-branded cable, Internet, and voice offerings, the company owns and operates News 12 Networks, MSG Varsity and Newsday Media Group. Cablevision's assets also include Rainbow Media Holdings LLC and its programming and entertainment businesses, AMC, IFC, Sundance Channel, WE tv and IFC Entertainment, as well as Clearview Cinemas. Additional information about Cablevision is available on the Web at www.cablevision.com.
SOURCE Cablevision Systems Corporation