Cablevision continues to mull its options for the Rainbow Networks. CVC CEO James Dolan is pleased with the nets, which have growth potential. But "we’re still of the opinion that we need to make some strategic move with our networks. What that is at this time would only be speculation," he said. Had its Adelphia bid been accepted, most felt CVC would have needed to sell the nets. CVC previously planned to spin off Rainbow in ’04 with Voom DBS, but that fizzled when it decided to close the satellite service. — While AMC, IFC and WE posted strong revenue growth of 7% to $135mln, FSN Chicago/Bay Area, fuse, Mag Rack and VOOM 21 HD Originals dragged programming revenue down 10.4% and EBITDA down 6% from 1Q ’04. Merrill Lynch dubbed the latter figures the only "mixed part" of "fantastic" results during the MSO’s earnings call Thurs. — While Dolan was upset about Adelphia, he didn’t rule out acquisitions completely. "We will continue to look at other opportunities, but to be honest, I think they’re fairly scarce," he said. — Verizon Calling? COO Tom Rutledge downplayed Verizon "FiOS" launches in CVC markets. While CVC has 56% HSD penetration and 78% video penetration in the 9272 HHs passed in those communities, there are just 48 connections to the RBOC’s fiber network. Among those 48, 20 also connect to CVC’s HSD network. "It makes you wonder why that kind of capital is being spent," he said. — Stellar Cable Numbers: Analysts salivated over CVC’s strong results. 1Q marked the 4th consecutive Q for basic sub growth (it added 22K subs); digital net adds totaled 140K; HSD adds hit 88K. The MSO added 88K phone customers and is on track to hit 400K total telephony customers this week. Overall revenue was up 6% to $1.2bln and adjusted operating cash flow grew 30% to $354mln.

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