Cablevision's Voom Deal Falls Through
A last-ditch plan to sell the satellite television operation Voom fell through when Cablevision (CVC) said sale negotiations broke down with investors led by its chairman, Chuck Dolan.
Voom, which is in the process of selling its satellite to EchoStar (DISH), will be closed. Its remaining assets were 21 high-definition television channels and various licenses and customer agreements.
Cablevision will provide the Voom service to current customers during a month-long transition. It will try to help the unit's employees find jobs elsewhere at Cablevision.
When reported in early February, the Voom negotiations sparked some appreciation in shares of Cablevision, which had warned of shutdown costs if Voom was closed. The sale agreement had previously been described as tentative and contingent on the group, which also included Chuck Dolan's son Tom, securing financing.The deadline for a definitive agreement was Monday. Cablevision closed Monday at $31.06, up 25% for 2005.
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