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Fox Rejects Cablevision Offer

Fox rejects Cablevision's offers to pay the same rate that Fox charges Time Warner to carry Fox 5 in New York and Fox 29 in Philadelphia.

(Fox-Cablevision Offer article updated with news that Fox has rejected Cablevision's offer.)

NEW YORK (

TheStreet

) -- Fox has rejected

Cablevision's

(CVC)

offer to pay the same rate that Fox charges

Time Warner Cable

(TWC)

to carry Fox 5 in New York and Fox 29 in Philadelphia for one year.

Cablevision made the offer earlier today in an effort to bring the standoff between the two companies to an end prior to the first game of the World Series, which kicks off tonight.

Cablevision executive vice president of communications Charles Schueler said that

News Corp. rejected the offer

and is "operating in bad faith."

"We call on the FCC to intervene immediately to restore the Fox signals to Cablevision's 3 million homes and order News Corp. to agree to binding arbitration to resolve this conflict," Schueler said.

The World Series, set to begin Wednesday night, will air on

News Corporation's

(NWSA) - Get Report

Fox network.

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Cablevision has been without Fox programming since their agreement expired on Oct. 15.

>> Fox-Cablevision Standoff Continues

Cablevision pays an estimated $70 million a year for carriage rights to Fox networks, but News Corp. is requesting closer to $150 million a year for program access, according to an Oct. 25 report from analyst James Ratcliffe of Barclays Capital.

Ratcliffe said Cablevision "dodged a bullet -- to the dismay of New York and Philadelphia sports fans -- when both the Yankees and Phillies failed to make the World Series." That's because many Cablevision customers won't now have to face the problem of not being able to watch their hometown teams in the Series. However, as Ratcliffe pointed out, Cablevision could still lose many subscribers as a result of the standoff.

Ratcliffe believes Cablevision could lose 30,000 video customers, down from his previous forecast of a loss of 15,000.

Cablevision CEO James Dolan sent a letter to Federal Communications Commission Chairman Julius Genakowski on Tuesday, requesting that he step in and take action.

A senior FCC official said that the letter is likely a publicity stunt, reported the

Associated Press

.

--Written by Theresa McCabe in Boston.

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