Cablevision (CVC) has delayed once again the spinoff of its satellite and programming subsidiary.

In a Friday afternoon filing at the

Securities and Exchange Commission

, the Long Island-based cable TV operator said the spinoff of its Rainbow Media Enterprises subsidiary wouldn't take place in 2004.

Originally, the company forecast that the tax-free spinoff of RME to shareholders would take place by Sept. 30, but it later delayed the transaction until the fourth quarter.

Slated to be spun off as part of RME are three well-respected national programming services owned by Cablevision: American Movie Classics, the Independent Film Channel and WE: Women's Entertainment.

More problematically for most investors, RME is also slated to operate Voom, Cablevision's startup satellite TV service focused on delivering high-definition television channels.

With Voom facing challenges such as the huge lead in the satellite TV services built up by

DirecTV

(DTV)

and

EchoStar

(DISH) - Get Report

, about the kindest thing analysts have had to say about Voom is that, by spinning it off, Cablevision's losses in the venture will be limited.

But the prospect of Voom remaining on Cablevision's books into the new year may cause Wall Street to worry that the satellite service will be a further drain on Cablevision's resources.

Cablevision's shares, which fell 14 cents to $21.55 Friday, dropped another 60 cents in after hours trading.