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

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Sean Mota

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

oh well...
 

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