Cablevision Systems Corporation (NYSE: CVC) and AMC Networks (NASDAQ: AMCX) today announced that they have settled their litigation with DISH Network LLC (NASDAQ: DISH) related to VOOM HD Holdings LLC. The lawsuit, VOOM HD Holdings LLC v. EchoStar Satellite LLC, was filed in the Supreme Court of the State of New York, County of New York. The settlement agreements include the following components:
- DISH Network pays a cash settlement of $700 million to Cablevision and AMC Networks, $80 million of which is in consideration for the purchase of Cablevision’s multichannel video and data distribution service (MVDDS) licenses in 45 metropolitan areas in the U.S.;
- DISH Network enters into a long-term distribution agreement with AMC Networks to carry AMC, IFC, Sundance Channel and WE tv, and with The Madison Square Garden Company to carry Fuse on its satellite service; and
- DISH also conveys its 20-percent membership interest in VOOM HD to Rainbow Programming Holdings LLC, such that all of the cash settlement remains with Cablevision and AMC Networks.
This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of Cablevision and AMC Networks and their respective businesses, operations, financial condition and the industries in which each operates and the factors described in the respective companies’ filings with the Securities and Exchange Commission, including the sections entitled "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" contained therein. Cablevision and AMC Networks each disclaims any obligation to update any forward-looking statements contained herein.