Cablevision: Voom shutdown to cost $100M-$130M

[Sean Mota]

Cablevision: Voom shutdown to cost $100M-$130M
Jun. 6 2005 -- 4:20:05 PM EST
Source

by KEN SCHACHTER
BETHPAGE - It will cost $100 million to $130 million to close down the Voom satellite TV service, Cablevision Systems estimated in a government filing.

Costs of closing the business include terminating contracts and employee termination benefits, Cablevision said in a Securities and Exchange Commission filing. Not included in those costs were $45.8 million in liabilities.

 

[bratboy]

almost sounds like it would of been just as cheap to keep it going

 

[Sean Mota]

LOCKHEED MARTIN LOSES DEAL: Cablevision Systems, the largest cable-television provider in the New York area, discontinued a contract with Lockheed Martin, which was making equipment for its Voom satellite-TV operation.

The November 2004 agreement with Lockheed Martin, the largest U.S. defense contractor, was for five satellites, according to a filing with the U.S. Securities and Exchange Commission. Cablevision also said it would spend up to $130 million to close Voom. (Bloomberg)


Source

 

[knyaz]

Those $130 MILL. would have been enough to last VOOM for another year... get those subs maybe up to 100K+...

oh well...

 

[Scott Greczkowski]

The big question is what took them so long to cancel the Satellite Contracts.

 

[JimP]

Probably thought they could sell them and offset some of their losses.