Cablevision Systems Corporation (NYSE: CVC) shares jumped sharply today after the media company announced that it is considering a range of strategic options to unlock shareholder value. Among other things, the Dolan-owned firm is considering a spin-off of its cable-television business, Madison Square Garden sports unit, or its Rainbow Media TV networks. The company also said that it plans to pay a quarterly dividend or buyback shares in an effort to boost the stock price.

Cablevision faced some harsh criticism this past year after it spent the earnings from its New York-area cable service by buy the Sundance Channel and Long Island's Newsday newspaper. Activist investors, including Gamco Investors, demanded that Dolan stop doing deals and share the proceeds with shareholders instead - advice that is finally being taken to heart. The move to spin-off certain segments may also make Cablevision cheaper for the Dolan family to acquire outright as they have attempted to in the past.

Cablevision operates cable programming networks, entertainment businesses and telecommunications companies. As of December 31, 2006, the Company served approximately 3.1 million basic video subscribers in and around the New York City metropolitan area. Through its wholly owned subsidiary, Rainbow Media, Cablevision owns interests in and manages numerous national and regional programming networks, the Madison Square Garden sports and entertainment businesses, and cable television advertising sales companies.

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