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NEW YORK (AP) - Cablevision Systems Corp., a New York-area cable television provider, Wednesday said its board has given the go-ahead for a one-time dividend of $3 billion proposed by the company's controlling shareholders.
The special dividend puzzled observers, who wondered why a company with already substantial debt would want to take on more to pay out a dividend.
With just $217 million in cash, Cablevision will have to borrow money to make the payout, raising its debt level to $11.6 billion.
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