Cablevision confirms job cuts

Cablevision Systems Corp., which provides cable service in the New York area, confirmed it has laid off 400 workers since the summer to reduce operating costs. The layoffs amount to about 2 percent of the company's workforce, The Wall Street Journal reported Saturday. Chief Financial Officer Gregg Seibert said in a conference call the company was taking "additional steps to improve the efficiency of our business." "We are going to have efficiencies because we have made certain realignments at the corporate level and also out in the field," Seibert said. "As is often the case in these situations, there have been both job eliminations and job additions as we take advantage of new opportunities and sharpen our focus on the customer experience," a statement released by the company said. In its third quarter financial report, Cablevision said it lost video, phone and broadband subscribers, and its operating profit declined, despite additional revenues, the newspaper said.