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Cablevision to shut down Voom
Posted: Wed, Mar 2, 2005, 8:47 AM ET (1347 GMT) Cablevision said late Monday that it plans to shut down the Voom satellite TV service after failing to reach an agreement with a venture run by some of Cablevision's chief officials who wanted to buy the service. In a statement, Cablevision said that it had ended discussions with Voom LLC without reaching an agreement on the sale of the service. As a result, Cablevision has stopped taking new orders for Voom; current customers will get to keep the service for at least 30 days while Cablevision works out a transition plan. However, Voom LLC, run by Charles and Thomas Dolan — the chairman of Cablevision and his son, respectively — said they are still interested in purchasing the service and are willing to continue negotiations. Voom, which has fewer than 50,000 subscribers, struggled to compete with the much larger satellite TV services, DirecTV and EchoStar, while emphasizing high-definition TV programming. Early this year Cablevision sold Voom's major assets, including its only satellite, to EchoStar for $200 million. Hopes for Voom's future were raised last month, though, when Cablevision said it would negotiate with the new venture to sell the service.
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