With the Dolan family in the process of taking the company private for $10.6 billion, Cablevision (NYSE:CVC) posted net income of $317.4 million, a huge leap over Q206’s $14.5 million. Revenue was up 12.3 percent to $1.56 billion in Q2 from $1.39 billion last year. Consolidated adjusted operating cash flow (AOCF) increased 10.4 percent to $508.5 million and consolidated operating income grew 30.5 percent to $208.4 million, thanks to strong performance in Cablevision’s Rainbow cable division (which includes cable channels IFC, WE and AMC and other properties), its telecommunications services and operations related to concert and sports venue Madison Square Garden. Other notable results from Q2 included:

-- The company reported Revenue Generating Unit growth of 168,000 new digital video, high-speed data and voice units, and a loss of 348 basic video subscribers in the quarter.

-- Average Monthly Revenue per Basic Video Customer was $121.01, an increase of $4.06 for the three-month period.  Rainbow National Services had AOCF growth of 28.8 percent over the prior year period

-- Cable TV net revenues increased 13 percent to $1,139.5 million, AOCF rose 4.2 percent to $440.9 million and operating income increased 7.6 percent to $218.3 million,

-- Basic video customers essentially flat for the quarter and up 38,000 or 1.2 percent from June 2006. IO: Interactive Optimum digital video customers grew by 39,000, or 1.6 percent from March 2007 and 279,000 or 12.3 percent from June 2006.

-- The Rainbow division saw net revenues rise 11.9 percent to $222.3 million and AOCF rose 70.8 percent to $39.9 million, both compared to the prior year period. Operating income improved to $9.7 million as compared to a Q206 operating loss of $8.5 million. More to come. Earnings release | Webcast (10:00 a.m. EDT)