BREAKING NEWS: VOOM Gets a Reprieve

[Gregg Lengling]

After the much talked about moves late Wednesday night involving the board of directors at Cablevision, the company announced this morning in a Securities and Exchange Commission filing that it will delay the shut down of the VOOM satellite TV service.

Cablevision said the closing of the Rainbow DBS business has been delayed to allow VOOM HD, controlled by Cablevision Chairman Charles Dolan, another opportunity to present to the board a transaction that will give him the assets and liabilities of the Rainbow DBS business. Dolan is expected to report to the board on this matter by March 7, Cablevision said.

VOOM HD wants to take over the Rainbow DBS assets that are not being purchased by EchoStar. In January, EchoStar agreed to acquire a satellite and uplink center from Cablevision for $200 million.