Cablevision Execs Grab Voom

Cablevision (CVC Quote) said Thursday night it was selling what remains of its satellite business to an investment group including Chuck Dolan, the cable operator's chairman.

The tentative agreement could breathe new life into Cablevision's young and struggling satellite service, Voom. Cablevision's board -- reportedly over Dolan's protestations -- voted last month to shut down the service and sell a key asset, a satellite, to Dish Network operator EchoStar Communications (DISH Quote).

Under Thursday's agreement, the new Dolan group will buy assets including Cablevision's interest in 21 high definition programming channels featured on Voom, various satellite and wireless licenses, and existing customer agreements.

Cablevision says the proposed transaction "will allow it to avoid various shutdown costs and other liabilities of the VOOM service which it would have incurred had it proceeded with its original plan to shut down the service." Terms weren't disclosed. ...