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VOOM HITS MIDNIGHT - WEBSITE: "Cease 4/30/05"  

post #1 of 4636
2/28/05 at 3:40pm
Thread Starter 
Cablevision and VOOM HD End Discussions without Agreement Regarding Sale of Rainbow DBS

Business Editors/TV/Cable Writers

BETHPAGE, 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.

--30--SW/ny*

CONTACT: Cablevision Systems Corporation
Charlie Schueler, 516-803-1013

KEYWORD: NEW YORK
INDUSTRY KEYWORD: TELEVISION/RADIO CABLE TELECOMMUNICATIONS
MARKETING AGREEMENTS
SOURCE: Cablevision Systems Corporation

Copyright Business Wire 2005

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post #2 of 4636
2/28/05 at 3:43pm
Seems like we're playing musical stickies. :)

Title edited.
post #3 of 4636
2/28/05 at 3:47pm
Here we go again... :D
post #4 of 4636
2/28/05 at 3:51pm
I'm shocked, just shocked! Not!
post #5 of 4636
2/28/05 at 3:51pm
I'll believe it when I see it -- or rather, don't see it.
post #6 of 4636
2/28/05 at 3:52pm
Real sad stuff....
post #7 of 4636
2/28/05 at 3:56pm
Can somebody publish the link to the original announcement? I did a google searh and couldn't find it.
post #8 of 4636
2/28/05 at 3:57pm
It would seem that the amount of time given to come up with the financing was way too short. They should give Dolan more time.
post #9 of 4636
2/28/05 at 4:01pm
R.I.P.

Voom
post #10 of 4636
2/28/05 at 4:04pm
Quote:
Originally posted by Walter L.
Can somebody publish the link to the original announcement? I did a google searh and couldn't find it.
Requires subscription or registration, but did see the headline here (6:37 pm):

http://home.businesswire.com/portal/...ConfigBO=v2*G0
post #11 of 4636
2/28/05 at 4:05pm
Here is another link:

http://biz.yahoo.com/bw/050228/286239_1.html
post #12 of 4636
2/28/05 at 4:05pm
Hurray!
post #13 of 4636
2/28/05 at 4:08pm
Quote:
Originally posted by bgall
Hurray!
WTF?
post #14 of 4636
2/28/05 at 4:09pm
BFG, be nice! :D
post #15 of 4636
2/28/05 at 4:23pm
Quote:
Copyright Business Wire 2005 Originally posted by pace1313
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.
I wonder what they plan to "transition" their customers to? :confused:
post #16 of 4636
2/28/05 at 4:24pm
The transition from "on" to "off."
post #17 of 4636
2/28/05 at 4:25pm
Quote:
Originally posted by tbb1226
I wonder what they plan to "transition" their customers to? :confused:
For me it means wait until VOOM goes dark, then call Comcast :D
post #18 of 4636
2/28/05 at 4:43pm
There's one in every crowd, But I still have my fingers crossed. They just brought me a 150.00 antanna Sat. and the guy had to charge them 250.00 too install it. He came a hundred miles... Great Installer is all i can say.
post #19 of 4636
2/28/05 at 4:45pm
Cablevision in my opinion has no vision. I'm hoping that Dolan can get something done before the end of the month. I'm not saying Dolan has the financing or not, just that Cablevision really threw a monkey-wrench into everything when they decided not to fund Voom anymore. I'm not giving up just yet. If this really is the end, I wonder if Comcast would pick up those 21 excluisve channels...
post #20 of 4636
2/28/05 at 4:53pm
Quote:
Originally posted by SonyHD
Cablevision in my opinion has no vision. I'm hoping that Dolan can get something done before the end of the month. I'm not saying Dolan has the financing or not, just that Cablevision really threw a monkey-wrench into everything when they decided not to fund Voom anymore. I'm not giving up just yet. If this really is the end, I wonder if Comcast would pick up those 21 excluisve channels...
How many $'s should Cablevision keep throwing at Voom with no real expectation of it paying off anytime soon? Board of directors are now being help personally responsible for the decision that they're making and they could be sued and have to pay millions of dollars if shareholders bring suite and win. IMHO, if Voom had been up and running back in late 2000/early 2001, when D* didn't even have Showtime-HD and cable systems didn't know how to spell HD they might have had a better chance. Back then everyone with an HD set was looking for HD programming and coming up empty. Now with cable systems having been upgraded providing many national channels, plus a HD PVR and E*/D* with their offerings they were just too late to get any momentum going.
post #21 of 4636
2/28/05 at 4:56pm
It is not over yet...


Voom HD LLC press release...

Voom has 46,000 subs.

Quote:
Said Tom Dolan, VOOM HD's CEO, "We are more than ever convinced of the viability of the VOOM service. We believe our offer to Cablevision is in the best interests of Cablevision's shareholders and VOOM's 46,000 subscribers across the nation. If we are able to complete negotiations with Cablevision, we are certain that VOOM HD will emerge as a robust new vendor providing a valuable alternative to the two services that now dominate the satellite industry."
post #22 of 4636
2/28/05 at 5:00pm
No need to check out the roller coasters at my local amusement park... this one is doing quite nicely as a substitute.

IMHO, Cablevision's release didn't sound so good for Charles Dolan and the gang. It sounds like they're officially shutting it down and will not listen otherwise, and it also sounds from the other release that Mr. Dolan et al. are indeed having trouble finding money.
post #23 of 4636
2/28/05 at 5:04pm
http://biz.yahoo.com/prnews/050228/nym238_1.html

VOOM Announces Continued Service
Monday February 28, 7:24 pm ET


JERICHO, N.Y., Feb. 28 /PRNewswire/ -- VOOM HD, LLC today announced that it is prepared to finance the continued expansion of the VOOM satellite service. Supported by the family interests of Charles and Thomas Dolan, VOOM HD, LLC has advised Cablevision that it continues to be interested in completing a transaction on the terms and conditions of the Letter of Intent into which the two companies entered several weeks ago. These include the purchase of assets and the assumption of liabilities related to the satellite service.
ADVERTISEMENT


Said Tom Dolan, VOOM HD's CEO, "We are more than ever convinced of the viability of the VOOM service. We believe our offer to Cablevision is in the best interests of Cablevision's shareholders and VOOM's 46,000 subscribers across the nation. If we are able to complete negotiations with Cablevision, we are certain that VOOM HD will emerge as a robust new vendor providing a valuable alternative to the two services that now dominate the satellite industry."

VOOM is the first television service to provide a comprehensive array of high-definition (HD) programming for the rapidly growing but underserved HDTV audience. With a lineup of nearly 40 HD channels, VOOM delivers more HD programming than any other satellite or cable service provider. VOOM's HD lineup includes STARZ! HD, Encore HD, Showtime HD, Playboy Hot HD, ESPN HD, HBO HD and Cinemax HD, as well as an exclusive package of brand-new, commercial-free VOOM HD Originals such as WorldSport, Equator and Animania. The service also includes 87 of the most popular cable channels in standard- definition (SD), 23 digital music channels, and free over-the-air digital broadcast channels in HD, where available. VOOM is offered across the continental United States through local Sears retailers; at BrandsMart USA stores; and through O'Rourke Sales Company's independent electronics retailers with approximately 10,000 locations in all 50 states. Customers can also purchase the service by calling 1-800-GET-VOOM or by visiting http://www.voom.com.
post #24 of 4636
2/28/05 at 5:07pm
O.K., I'll be the first in this thread: "Still on here". ;)
post #25 of 4636
2/28/05 at 5:07pm
This is a little too "high-stakes" to simply say I'm taking my ball and going home - if I can't play nobody can.

If E* or somebody else doesn't come in and offer something for the customers and what little business there is, they've got to accept whatever they can get - don't they?
post #26 of 4636
2/28/05 at 5:07pm
Notice where it says:

"We believe our offer to Cablevision is in the best interests of Cablevision's shareholders and VOOM's 46,000 subscribers across the nation."
post #27 of 4636
2/28/05 at 5:10pm
I guess it makes it risky to sign up for the $1 Install for just the STB eh!
post #28 of 4636
2/28/05 at 5:12pm
I don't see much risk.
post #29 of 4636
2/28/05 at 5:15pm
Quote:
Originally posted by CPanther95
This is a little too "high-stakes" to simply say I'm taking my ball and going home - if I can't play nobody can.
But that's exactly what Cablevision's release sounds like. At very least, it's hardball negotiating...along the lines of "bring us a check and maybe we'll talk again, but for now, we have to shut this thing down". The release is quite terse and makes not even the slightest mention of any other possible outcome besides shutting down VOOM. They even are telling their employees to go find other jobs.

Quote:
If E* or somebody else doesn't come in and offer something for the customers and what little business there is, they've got to accept whatever they can get - don't they?
I don't know about that. For one, there probably is no one else waiting behind Charles Dolan. The business plan for VOOM is so flawed that you'd nearly have to be nuts to throw money into it...and clearly, Charles has not found the money to complete the transaction by the deadline. There must have been a reason Cablevision set, and Dolan/VOOM LLC agreed, to that short deadline.

However, I do not rule out the possibility that Dolan will sell his Cablevision stock and approach them with a new offer. It just seems he wasn't willing to do that before the deadline...and perhaps Cablevision is trying to up the ante for a return bid by moving to shut the place down as soon as a month from now.
post #30 of 4636
2/28/05 at 5:15pm
Quote:
Originally posted by CPanther95
This is a little too "high-stakes" to simply say I'm taking my ball and going home - if I can't play nobody can.

If E* or somebody else doesn't come in and offer something for the customers and what little business there is, they've got to accept whatever they can get - don't they?
I would imagine they will listen to any reasonable offers. This could be a battle over the eventual sale of cablevision itself.
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