UPDATE 3-Cablevision profit triples, shares rise

* Q3 EPS $0.33 vs Wall Street view $0.26

* Q3 rev up 5.3 pct to $1.84 bln

* Basic video subs down by 27,300; Internet, voice up

* Sees Madison Square garden spin-off done by year-end

* Shares rise 2.6 percent (Recasts, adds company and analyst comment, byline)

By Franklin Paul

NEW YORK, Nov 3 (Reuters) - Cablevision Systems Corp (CVC.N) posted a higher-than-expected profit on growth in Internet subscribers and advertising and cost-cutting, and said its Madison Square Garden spin-off should be completed by year-end.

Shares of the New York cable operator rose more than 2 percent after it said profit more than tripled to $98.9 million, or 33 cents a share. Last year it earned $30.9 million, or 11 cents per share.

Revenue grew 5.3 percent to $1.84 billion, also beating Wall Street estimates.