Here is the real story
I guess things are moving pretty fast, so let me give you all some relief.
Consider this, CV is a publicly traded company, and most of the rest of CV wants to get rid of Voom. Chuck wants to keep it going. Chuck can't just say "hey, ya know this big expensive asset sitting over here called voom. You guys don't really want it, I'll just take it, privatize it and if it takes off I'll keep all the profit."
The FTC the SEC, and a bunch of other 3 letter departments would have a hissy fit.
Since the Dolans can't just take it away from CV, they start a fight, James and Dad get really hot, They through out the father, the Board is cheering for James. So CV lightens the load a little (sells off a few fixed assets, Satellite and Uplink), not much left, Chuck makes an offer to buy what is left. The Son (Representing the Stockholders
says make us a bid, the board looks at tbid and says, pretty fair, 400 Mill for some old programming and airtime, they drop the cost of shut down, and CV goes back to Cable and everything else in NY.
But the firebrand James gets a burr under his saddle and just flips Dad the bird. Now everyone is surprised, Even the board, they're wonder what the hell jimmy is doing. Even the cost to pay the operations manager salary to shut it down is more than they would have had to pay if they sold to the Dolans.
James is not being reasonable, he's been under his Dad's thumb for too long and now he's feeling his oats. So he just keeps flippin the bird. Trash talkin, no negotiatin, sgrew you and all your dreams James is out of his mind. They thought they had a recovery of some costs if they sold to Dolan, but now that Jimmy is crashin the website, issuing press releases, their sales is falling apart. Much more and not even Crazy Charlie would buy voom.
The board calls an emergency meeting, they thought Chuck was crazy, Jimmy is bloomin lunatic, they act fast, in a behind closed doors negotiation, they ink a deal with Chuck for what ever they can get quick, maybe 300m or ever 250m just make the pain stop.
The CV board Also relieves Jimmy of his position as CEO.
Everyone is buddy buddy at CV, the board knows that Chuck still has the majority of the shares and they make real nice. Chuck installs another son into the CEO position.
Well, lets recap, The Stockholders are gleeful they got out of the blood bath. The SEC feels everything was completely justifiable in the sale. Chuck saves Voom.
In a private ceremony in a small privately held LLC champagne is poured as James is quietly inserted as CEO of the company that got Voom at a bargain basement price of $250m with the CV carrying back most of it on a low or no interest note for the next 10 years.
