Cablevision Execs Grab Voom

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.

More from Technology

Tesla's Supercharger Network Is Booming -- Here's Why That's a Concern

Tesla's Supercharger Network Is Booming -- Here's Why That's a Concern

Attention 60 Minutes: Google Isn't the Only Big-Tech Monopoly

Attention 60 Minutes: Google Isn't the Only Big-Tech Monopoly

Tesla CEO Elon Musk Is a Rock Star: Kiss Icon Gene Simmons

Tesla CEO Elon Musk Is a Rock Star: Kiss Icon Gene Simmons

Listen: Should You Buy Cisco Now?

Listen: Should You Buy Cisco Now?

Apple Buys Tesla? Amazon Buys Sears? 3 Dream Mergers That Just Make Sense

Apple Buys Tesla? Amazon Buys Sears? 3 Dream Mergers That Just Make Sense