TMCnet News
Cablevision and VOOM HD End Discussions without Agreement Regarding Sale of Rainbow DBSBETHPAGE, N.Y. --(Business Wire)-- Feb. 28, 2005 -- Cablevision Systems Corporation (NYSE: CVC) today announced that it and VOOM HD, LLC have ended discussions without reaching a definitive agreement regarding an acquisition by VOOM HD of the business, assets and liabilities of Cablevision's Rainbow DBS satellite business not included in Cablevision's definitive agreement with EchoStar announced January 20, 2005. The previously announced letter of intent between Cablevision and VOOM HD to pursue such a transaction expired today. As a result, Cablevision will close down the VOOM business. Cablevision said that it plans to provide the VOOM service to current satellite television customers during a transition period of a minimum of 30 days. The company will seek to make the transition as smooth as possible for customers and will communicate directly with customers regarding those plans. The company also said that it will encourage employees whose jobs would be affected by the closing of the VOOM service to pursue employment opportunities elsewhere at Cablevision. Cablevision Systems Corporation is one of the nation's leading entertainment and telecommunications companies. Its cable television operations serve 3 million households in the New York metropolitan area. The company's advanced telecommunications offerings include its iO: Interactive Optimum digital television offering, Optimum Online high-speed Internet service, Optimum Voice digital voice-over-cable service, and its Lightpath integrated business communications services. Cablevision's Rainbow Media Holdings LLC operates several successful programming businesses, including AMC, IFC, WE and other national and regional networks. In addition to its telecommunications and programming businesses, Cablevision is the controlling owner of Madison Square Garden and its sports teams, the New York Knicks, Rangers and Liberty. The company also operates New York's famed Radio City Music Hall, and owns and operates Clearview Cinemas. Additional information about Cablevision Systems Corporation is available on the Web at www.cablevision.com. |
