Because of Hurricane Sandy’s devastating impact in the NorthEast region, Time Warner Cable (TWC) has decided to delay the release of its third quarter earnings report until Nov. 5. For the second day in a row, TWC’s corporate headquarters in Manhattan is closed due to the weather. However, employees whose internet service remained in working condition during the storm continued to work from home.
Public transportation has been suspended until further notice by the New York’s Metropolitan Transportation Authority, announcing that bus and train service in the city will resume after all assessments of damage caused by storm is completed. The New York Stock Exchange is also closed due to the weather, and will reopen once Hurricane Sandy loses momentum and it is safe for employees to commute back to work.
Cablevision is on track to release its third quarter earnings report this Thursday, on Nov. 1. Charter Communications is scheduled to release their third quarter report on Tuesday, Nov. 6.
While TWC lost 128,000 pay TV subscribers during the second quarter, they did gain 59,000 high-speed Internet and 45,000 digital voice customers during the period. Reduction in pay TV subscriptions is the growing trend in today’s cable industry, though it may be reversed with the new digital TV products and services that are being developed. The decrease can be partly explained by the weak economy and the rising fees for broadcasting rights, which have caused many blackouts and disputes between pay TV providers and networks.