Cablevision ( CVC) 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).

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.

The transaction is contingent upon the approval by Cablevision's board of a definitive agreement, which the parties apparently hope to reach by the end of the month. The Dolan group, which includes Chuck Dolan's son Tom, another Cablevision executive, says it is in the process of securing financing to support the ongoing operations of the business.

Cablevision's stock, which rebounded last month on the news that Cablevision would be shedding Voom, rose 2 cents Thursday to close at $26.59.

If you liked this article you might like

The Five Dumbest Things on Wall Street This Week

The Five Dumbest Things on Wall Street This Week

Times Buying About.com

Times Buying About.com

IAC Travel Units Are Going Nowhere

IAC Travel Units Are Going Nowhere

About.com Grabs Net Deal Spotlight

About.com Grabs Net Deal Spotlight

Google's Gallant Fan

Google's Gallant Fan