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Dolan pledges to keep Voom operating
Posted: Thu, Mar 31, 2005, 1:46 PM ET (1846 GMT)
Cablevision chairman Charles Dolan is planning to invest up to $400 million of his own money to keep the satellite TV venture Voom operating, while also fighting an effort by his own company to see Voom's only satellite. Dolan, in a filing with the FCC this week, asked the agency to block the sale of Voom's Rainbow 1 satellite to EchoStar; Cablevision announced the sale of the satellite and other assets to the competing satellite TV operator for $200 million earlier this year. Dolan also reportedly plans to invest up to $400 million of his own money to keep the venture operating, provided his Voom LLC venture can reach an agreement with Cablevision. Dolan has been fighting with his son, James, Cablevision's CEO, as well as some members of the company's board over the future of the HD satellite TV venture. Cablevision executives had wanted to shut down the money-losing venture, and announced plans to do so by the end of this month before Charles Dolan convinced the board to give him time to arrange to keep Voom operating.
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