Cablevision reports loss

March 2, 2004 11:02 a.m. PT

Cablevision Systems on Tuesday posted a net loss that was larger than expected, hurt by costs to launch its satellite television service, although revenue rose 12 percent. The company also said a federal investigation into expense accounting practices at several of its programming units continues.

The Bethpage, New York, company reported a fourth-quarter net loss of $197.4 million, or 69 cents a share, compared with net profit of $529.7 million, or $1.66 a share, in the year earlier period. The year-ago period included a $663.4 million gain from the sale of the Bravo cable channel to NBC.