Financial 411: Cable Companies vs. TV Networks
MARKETS
Several sour economic reports this morning reminded traders that the economy is still not in full recovery mode. In particular, weekly unemployment claims rose for the first time in three weeks. Markets ended the day flat, the Dow losing just two points to close at 11,095. The Nasdaq and the S&P 500 also closed close to where they began the day.
FORECLOSURE HALT
Several major banks are halting their foreclosure activity, but for the three months ending last month, more than 900,000 homeowners received a foreclosure notice. RealtyTrac — which collects the figures — says nearly 300,000 homes were repossessed by lenders. That's up 22 percent from last year.Â
PAID SICK LEAVE
City Council Speaker Christine Quinn has ended her long think on paid sick leave. She announced she is opposing — for now — any attempt to force businesses to pay their workers when they stay home sick. The impulse is noble, she said, "but if we do that, and it causes people to in fact lose their jobs, what benefit have we actually forwarded?" A majority of city council members support paid sick leave.
THE CONTROVERSY BETWEEN CABLE COMPANIES AND TELEVISION NETWORKS
If you've seen the full page ads in your newspaper, or noticed the billboards, you already know: Cablevision and Fox are locked in a high volume screaming match for the attention — and sympathies — of the TV watching public — especially Giants fans who want to see their game Sunday against the Lions.
It's just the latest spat between a cable company and a TV network over what are known as retransmission rights. Jon Lafayette, a reporter at Broadcast & Cable, helps us decode the issue.
