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BRIEFS

Competition? What competition? Cablevision Systems thumbed its nose at the specter of high-speed Internet competition from Verizon, and raised its cable modem rates about 13% for existing customers. Stand-alone cable modem rates rose about $5 last week, to $49.95. New customers who signed on for the service throughout this year were already paying that rate.

COMCAST GETS BOOST

Morgan Stanley raised its price target on Comcast to $37 from $35 based on the lower-priced set-top box the company is now incorporating into its forecasts. Merrill Lynch downgraded shares of Mediacom, as the smaller MSO is more susceptible to losing customers to DBS than larger MSOs.

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RCN CHECKS NOTES

A possible clerical error has overbuilder RCN looking into the terms of its 11% discount senior notes. The company made its first interest payment on the bonds, but then discovered "inconsistencies" in the terms of the notes. RCN said it opened an investigation into the discrepancies.

CASH IN THE TILL FOR INSIGHT

Insight Communications has more than enough cash to cover its needs over the next year, according to an analysis by Moody's Investors Service. The ratings agency assigned a speculative liquidity grade rating of SGL-2, or "good," to Insight. Moody's expects Insight to generate about $425 million in EBITDA over the next 12 months; cash flow growth will be driven primarily by the ongoing and accelerated rollout of Insight's HSD product, as well as further deployment of digital, basic rate increases and, to a lesser extent, advertising gains, Moody's said.

SEACHANGE GETS BUY RATING

Independent Research Group, a subsidiary of TheStreet.com, initiated coverage of SeaChange International with a buy rating and a 12-month price target of $15. With the pace of VOD deployments accelerating, "cable operators are finally serious about deploying VOD," noted analyst Erik Zamkoff in a report. Worldwide, the VOD market continues to grow. SeaChange is well positioned to take advantage - it is already the leader, with about a 60% market share of video streams deployed (not servers).

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BRIEFS

Cable World, July 7, 2003

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