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Cablevision Sets Special Dividend Ball Rolling

Credit line in hand, the company revives plans for a special payout.
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Updated from 6:23 p.m. EST

Cablevision Systems


said in a regulatory filing Monday that it's working toward paying a $3 billion special dividend, including seeking necessary financing and board approval.

The company disclosed in a Form 8-K that it would take steps to implement the payout, which also include satisfying applicable legal standards and establishing date-of-record and pay dates.

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Speculation had grown in the past couple of weeks that Cablevision would revive a dividend plan dropped in December after the company

announced it had nailed down a big credit line.

The failure of the earlier special dividend plan -- after revelations that it was in violation of loan covenants related to an earlier credit line -- hammered Cablevision shares two months ago.

Shares of Cablevision closed up 25 cents, or 0.9%, to $26.75.

After hours, the stock rose 95 cents, or 3.6%, to $27.70.