Three more years!

March 24, 2004

Cablevision (CVC) has signed another 3-year consulting contract with director John Tatta. Under the agreement, Tatta, the company’s former president and chief operating officer who retired 12 years ago, will receive $350,000 a year for the next 3 years according to his contract in the recent K. That’s in addition to the $50,000-plus he receives as a member of Cablevision’s board. The contract says that Tatta, who was 83 as of the last proxy, is required to devote “one half of his working hours” to Cablevision and, with the exception of board meetings, is not required to work more than 50 miles from his home in Ft. Lauderdale. Cablevision is based on Long Island. In fairness, Tatta’s consulting fee has remained the same since the first agreement was signed in January 1992. But it’s still not really clear from the SEC filings what services Tatta is providing for that money.

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