Cablevision Systems Corp., the cable TV systems operator, on Friday said it has decided to proceed with the planned shutdown of its money-losing Voom satellite television service.
In a filing with the Securities and Exchange Commission, Cablevision said it will close its Rainbow DBS unit, which operates Voom. The satellite TV service will no longer be available to customers as of April 30.
On March 8, Cablevision entered into an agreement with Chairman Charles F. Dolan to delay the shutdown while Dolan attempted to arrange financing to buy Voom's assets and keep the business alive. That agreement expired on March 31. Dolan had disagreed with the decision of Cablevision's board, which includes his son James Dolan, the company's CEO, to discontinue the satellite service.
In Friday's filing, Cablevision said its board "instructed management to continue to analyze whether its Voom 21 channels can be marketed to other satellite and cable providers as part of the company's Rainbow programming operations."
Cablevision has a pending agreement to sell a broadcast satellite to Echostar Communications Corp. for about $200 million.
Voom satellite Shutdown
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