Cablevision to launch wireless broadband network

NEW YORK, May 8 (Reuters) - Cablevision Systems Corp (CVC.N: Quote, Profile, Research, Stock Buzz). said on Thursday it is planning to build a wireless broadband network to serve its subscribers in the New York area.

The company's Chief Operating Officer Tom Rutledge said the new network, which will have speeds up to 1.5 megabits per second, will be completed within the next two years.

News of Cablevision's wireless plans comes after larger cable companies Comcast Corp (CMCSA.O: Quote, Profile, Research, Stock Buzz) and Time Warner Cable Inc (TWC.N: Quote, Profile, Research, Stock Buzz) teamed up with wireless companies Sprint Nextel Corp (S.N: Quote, Profile, Research, Stock Buzz) and Clearwire Corp (CLWR.O: Quote, Profile, Research, Stock Buzz) in a new $14.5 billion wireless venture that will use WiMax technology. (Reporting by Yinka Adegoke, editing by Gerald E. McCormick)