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HD Picture Fades for VOOM, Firm Will Be Shuttered Soon

Cablevision Systems , has announced that it has failed to come to an agreement with VOOM HD , regarding the acquisition of assets and liabilities of Cablevision's Rainbow DBS satellite business. (This provision was not included in Cablevision's final agreement with EchoStar, announced in January.) As a result, Cablevision will shut down VOOM HD in coming weeks.

Cablevision promises to continue providing VOOM HD services to current satellite customers for a minimum of 30 days. Cablevision last week posted a fourth quarter loss because of nearly $355 million in costs related to exiting Rainbow DBS business. The cable company, which dominates the New York market, said it would encourage current VOOM HD employees to pursue possible job opportunities at Cablevision.