"The issue is simple," said John Tinker, a cable analyst with Montgomery Securities.

According to Paul Kagan Associates, a cable analyst, the network had a modest operating profit of about $4 million in 1988.

Christopher Dixon, a cable analyst at Paine Webber, said that was considered the going rate.

Several cable analysts said that the regulations were good news for the cable industry to the extent that they did not include more bad news.

Indeed, a number of cable analysts are turning bullish on the company again.

Richard Bilotti is a top-ranked cable analyst at the firm whose views on the sector are widely followed by institutional investors.

Matthew Harrigan, a cable analyst at Janco Partners in Denver, said that investors were leery of such a deal.

But cable analysts say that what is impressive about Cablevision is that it reached the 35-to-40 percent range on its first marketing campaign.

At least not according to some longtime cable analysts who commented yesterday.

Larry Gerbrandt, a cable analyst for Paul Kagan & Associates, said: "A good analogy to this is actually the cold war.