Voom Goes on the Block
The New York Times reports that a major showdown at Cablevision Systems ended this week with the board of directors voting to put Voom up for sale. The showdown was between Cablevision founder Charles Dolan, to whom Voom has been a pet project, and son James Dolan, the company's CEO, who favors its sale.
Voom, the fledgling satellite television network that specializes in HDTV broadcasting, has lost more than $76 million, and has 26,000 subscribers. The company had planned to spin Voom off in December, but cancelled those plans. The other U.S. DBS networks, DirecTV and Echostar, have shown little interest in buying satellites from Voom.
Voom had recently announced the expansion of its satellite capacity.