Cablevision Systems to Cut Spending, Jobs

Cablevision Systems Corp. said it would slash 2003 capital spending, cut 7% of its jobs and close or sell certain money-losing operations, including some Wiz electronics stores, as the company tries to cover an estimated $900-million cash shortfall.

The company’s shares fell $1.24, or 16%, to $6.60 on the New York Stock Exchange.

Cablevision said it would pare capital spending to $550 million to $650 million next year, from $1 billion in 2002. It also will sell the Clearview Cinemas chain and close 26 unprofitable Wiz stores.

Cablevision, the New York area’s biggest cable television operator, announced a plan for financing operations in 2003 after disclosing a funding gap that analysts said could be as much as $900 million.