Great News - Voom Is Here To Stay!!
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wonder if they can LEASE the transponders back??? was this always in the c ards??oh boy this is some soap opera!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
UPDATE 1-Cablevision to sell Voom assets to chairman
UPDATE 1-Cablevision to sell Voom assets to chairman
Thu Feb 10, 2005 06:12 PM ET
(Adds details)
LOS ANGELES, Feb 10 (Reuters) - Cablevision Systems Corp. (CVC.N: Quote, Profile, Research) on Thursday said it has signed a letter of intent to sell the remainder of its Voom high-definition satellite television business to a company formed by Cablevision Chairman Charles Dolan.
Cablevision said the new Voom HD LLC was in the process of securing financing.
In January Cablevision struck a deal for its Rainbow DBS Co. unit to sell the Rainbow 1 satellite and a package of satellite frequencies to EchoStar Communications Corp. (DISH.O: Quote, Profile, Research) . The new deal includes the parts of the Rainbow DBS business not covered by the EchoStar sale.
The new Voom will continue to operate the service and acquire 21 exclusive HD channels, various satellite licenses, existing customers and other assets, Cablevision said.
The letter is subject to a definitive agreement approved by the Cablevision board by Feb. 28.
http://yahoo.reuters.com/financeQuo...tfh25378_2005-02-10_23-12-52_n10497174_newsml
UPDATE 1-Cablevision to sell Voom assets to chairman
Thu Feb 10, 2005 06:12 PM ET
(Adds details)
LOS ANGELES, Feb 10 (Reuters) - Cablevision Systems Corp. (CVC.N: Quote, Profile, Research) on Thursday said it has signed a letter of intent to sell the remainder of its Voom high-definition satellite television business to a company formed by Cablevision Chairman Charles Dolan.
Cablevision said the new Voom HD LLC was in the process of securing financing.
In January Cablevision struck a deal for its Rainbow DBS Co. unit to sell the Rainbow 1 satellite and a package of satellite frequencies to EchoStar Communications Corp. (DISH.O: Quote, Profile, Research) . The new deal includes the parts of the Rainbow DBS business not covered by the EchoStar sale.
The new Voom will continue to operate the service and acquire 21 exclusive HD channels, various satellite licenses, existing customers and other assets, Cablevision said.
The letter is subject to a definitive agreement approved by the Cablevision board by Feb. 28.
http://yahoo.reuters.com/financeQuo...tfh25378_2005-02-10_23-12-52_n10497174_newsml
but they need to keep it @61.5 for the time being(dish said no plans) so maybe they will lease from echostar..i sure don't want a new install from installs with the chance i can't get the new sat and it won't be around????yes no ,yes no????????
stay go stay go,sell voom,buy nyc railyards for 600mil..jeez what a drama..i just hope they keep this going because its------GREAT!!!!
fyi-----
Cablevision plays out of bounds
Make no mistake, Cablevision had one intention in dramatically proposing to spend $600 million to build housing on Manhattan's West Side, and that was to protect its Madison Square Garden franchise from competition by a new Jets stadium.
Company chiefs Charles and Jim Dolan build cable TV systems, not kitchens and bathrooms by the thousands. As put by Cablevision's closest observer, Merrill Lynch analyst Jessica Reif Cohen: "This high-profile bid appears to be a far stretch for the company, as mixed-use real estate development is outside the company's expertise and the financing for this venture remains unclear."
Quite. In fact, much remains murky about Cablevision's bid to erect housing on a site designated for a complex that would serve as both a new Jets home and an annex to an expanded Javits Convention Center. So sketchy is the company's two-page proposal that it amounts to nothing more than a public relations smart bomb.
Still, as described yesterday by spokesman Whit Clay, Cablevision appears to offer to pay more than the Jets for the right to build over MTA rail yards. After subtracting the cost of building a platform over the yards, the Jets would, in effect, pay $100 million up front or roughly $400 million over a long-term lease. Clay said Cablevision's equivalent numbers are slightly more than three times higher.
The effect may be that the Jets have to pony up more money, as was likely anyway in negotiations with the MTA, which is approaching mediation armed with an appraisal roughly in line with Cablevision's numbers. Even so, judging these competing development schemes is not as simple as matching one stack of dollars against the other. For example, the Jets have agreed to assume the risk of cleaning up environmental hazards on the property. Will Cablevision?
And then, there's the all-important issue of zoning. Cablevision appears to have based its bid on having the right to build about triple the housing that would be permitted under the present zoning. It would take years for the city to work such a change through the legal approvals process, if the city were so inclined, which it is not.
City Hall's reluctance stems from the fact that the adjacent area, called the Hudson Yards, was rezoned to encourage development to pay for the extension of the No. 7 train, parks and other amenities in what's now largely a wasteland west of Eighth Ave., south of 41st St. The plan envisions 24 million square feet of office space and 14 million square feet of apartments. Builders are lining up, prepared to pay an opening bid of $100 per square foot for development rights.
Rezoning to permit Cablevision to build an additional 7 million square feet of apartments would throw those economics out the window, jeopardizing the area's future. Cablevision would sit fat and happy with the Garden, but the city would lose the No. 7 extension, a vital annex for Javits, a potential site for the Olympics and the tax revenue that would come with a sports and convention center.
Those would be very bad tradeoffs. Cablevision has a lot of persuading to do.
fyi-----
Cablevision plays out of bounds
Make no mistake, Cablevision had one intention in dramatically proposing to spend $600 million to build housing on Manhattan's West Side, and that was to protect its Madison Square Garden franchise from competition by a new Jets stadium.
Company chiefs Charles and Jim Dolan build cable TV systems, not kitchens and bathrooms by the thousands. As put by Cablevision's closest observer, Merrill Lynch analyst Jessica Reif Cohen: "This high-profile bid appears to be a far stretch for the company, as mixed-use real estate development is outside the company's expertise and the financing for this venture remains unclear."
Quite. In fact, much remains murky about Cablevision's bid to erect housing on a site designated for a complex that would serve as both a new Jets home and an annex to an expanded Javits Convention Center. So sketchy is the company's two-page proposal that it amounts to nothing more than a public relations smart bomb.
Still, as described yesterday by spokesman Whit Clay, Cablevision appears to offer to pay more than the Jets for the right to build over MTA rail yards. After subtracting the cost of building a platform over the yards, the Jets would, in effect, pay $100 million up front or roughly $400 million over a long-term lease. Clay said Cablevision's equivalent numbers are slightly more than three times higher.
The effect may be that the Jets have to pony up more money, as was likely anyway in negotiations with the MTA, which is approaching mediation armed with an appraisal roughly in line with Cablevision's numbers. Even so, judging these competing development schemes is not as simple as matching one stack of dollars against the other. For example, the Jets have agreed to assume the risk of cleaning up environmental hazards on the property. Will Cablevision?
And then, there's the all-important issue of zoning. Cablevision appears to have based its bid on having the right to build about triple the housing that would be permitted under the present zoning. It would take years for the city to work such a change through the legal approvals process, if the city were so inclined, which it is not.
City Hall's reluctance stems from the fact that the adjacent area, called the Hudson Yards, was rezoned to encourage development to pay for the extension of the No. 7 train, parks and other amenities in what's now largely a wasteland west of Eighth Ave., south of 41st St. The plan envisions 24 million square feet of office space and 14 million square feet of apartments. Builders are lining up, prepared to pay an opening bid of $100 per square foot for development rights.
Rezoning to permit Cablevision to build an additional 7 million square feet of apartments would throw those economics out the window, jeopardizing the area's future. Cablevision would sit fat and happy with the Garden, but the city would lose the No. 7 extension, a vital annex for Javits, a potential site for the Olympics and the tax revenue that would come with a sports and convention center.
Those would be very bad tradeoffs. Cablevision has a lot of persuading to do.
when i wrote keep it going i meant VOOM--but the whole story ,drama is great too!..just keep (lease back from echostar)61.5 for a year or so..please!!!!
BFG said:
Please don't tell me this is a surpise to you. This was all planned very well. They have plenty of avenue to broadcast from. They would not have made an announcement if they didn't know what they were going to do. IMHO, since VOOM didn't generate as much revenue as quickly as anticpated they sold a high maintenace cost satellite and are downsizing operations to meet the demand in a more financially correct manner. They will grow the hardware as the number of subs grow.
Cablevision to sell Voom assets to chairman
http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=7599652
LOS ANGELES, Feb 10 (Reuters) - Cablevision Systems Corp. (CVC.N: Quote, Profile, Research) on Thursday said it has signed a letter of intent to sell the remainder of its Voom high-definition satellite television business to a company formed by Cablevision Chairman Charles Dolan.
Cablevision said the new Voom HD LLC was in the process of securing financing.
In January Cablevision struck a deal for its Rainbow DBS Co. unit to sell the Rainbow 1 satellite and a package of satellite frequencies to EchoStar Communications Corp. (DISH.O: Quote, Profile, Research) . The new deal includes the parts of the Rainbow DBS business not covered by the EchoStar sale.
The new Voom will continue to operate the service and acquire 21 exclusive HD channels, various satellite licenses, existing customers and other assets, Cablevision said.
The letter is subject to a definitive agreement approved by the Cablevision board by Feb. 28.
<!-- market report ends --><!-- marketing article ends -->
<script> var year = new Date() document.write('© Reuters ' + year.getFullYear() + ". All Rights Reserved." ); </script>© Reuters 2005. All Rights Reserved.
Yea It looks Good
L8ter
Justin
http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=7599652
LOS ANGELES, Feb 10 (Reuters) - Cablevision Systems Corp. (CVC.N: Quote, Profile, Research) on Thursday said it has signed a letter of intent to sell the remainder of its Voom high-definition satellite television business to a company formed by Cablevision Chairman Charles Dolan.
Cablevision said the new Voom HD LLC was in the process of securing financing.
In January Cablevision struck a deal for its Rainbow DBS Co. unit to sell the Rainbow 1 satellite and a package of satellite frequencies to EchoStar Communications Corp. (DISH.O: Quote, Profile, Research) . The new deal includes the parts of the Rainbow DBS business not covered by the EchoStar sale.
The new Voom will continue to operate the service and acquire 21 exclusive HD channels, various satellite licenses, existing customers and other assets, Cablevision said.
The letter is subject to a definitive agreement approved by the Cablevision board by Feb. 28.
<!-- market report ends --><!-- marketing article ends -->
<script> var year = new Date() document.write('© Reuters ' + year.getFullYear() + ". All Rights Reserved." ); </script>© Reuters 2005. All Rights Reserved.
Yea It looks Good
L8ter
Justin
