Cablevision Enters into Interim Agreement Regarding VOOM
Tuesday March 8, 5:29 pm ET
BETHPAGE, N.Y.--(BUSINESS WIRE)--March 8, 2005--Cablevision Systems Corporation (NYSE: CVC - News) announced today that it has entered into an agreement with its Chairman, Charles F. Dolan, and Thomas C. Dolan, pursuant to which the parties will work cooperatively to finalize the separation from Cablevision of its Rainbow DBS operation. The agreement allows Rainbow DBS to remain in operation and to continue to provide its VOOM service to subscribers while Charles and Thomas Dolan seek to arrange an alternate transaction that would avoid a shutdown of Rainbow DBS. Charles Dolan has agreed to fund any costs incurred by Rainbow DBS above those that would have been incurred under a shutdown scenario. The agreement, which was approved by the Board of Directors of Cablevision at a board meeting today and by a special committee of independent directors, terminates on March 31, 2005.
Cablevision Systems Corporation is one of the nation's leading entertainment, media and telecommunications companies. In addition to its cable, Internet, and voice offerings, the company owns and operates Rainbow Media Holdings LLC and its networks; Madison Square Garden and its teams; and, Clearview Cinemas. In addition, Cablevision operates New York's famed Radio City Music Hall. Additional information about Cablevision Systems Corporation is available on the Web at
