Cablevision Has High Hopes for HDTV

The slow-motion train-wreck-in-the-making that is Cablevision's (CVC Quote) new satellite service chugged closer to its inevitable moment of impact Wednesday.

Cablevision, the New York-area cable-TV system operator, officially launched on Wednesday a high-definition television programming service called Voom -- a long-shot venture of great interest to Cablevision Chairman Charles Dolan, but one that has provoked near-universal dismay on Wall Street.

Unfortunately for Cablevision shareholders -- for whom Voom's only silver lining has been Cablevision's promise to limit the money it pours into the satellite service -- nothing at Voom's official launch hinted at a success in the making.

In fact, numerous factors surfacing at Voom's debut -- odd programming, intense competition, costly hardware and a questionably helpful retail channel, for starters -- serve only to make one more pessimistic about Voom's chances as an ongoing concern. ...