Cablevision's Voom lost $450M, company says
BY HARRY BERKOWITZ
STAFF WRITER
February 23, 2005, 10:01 AM EST
The Voom satellite TV service that Cablevision Systems Corp. is dropping posted a loss of $450 million in the fourth quarter of 2004, the company said Wednesday.
Voom's problems offset an 11 percent gain in overall revenue for Cablevision, widening the company's overall operating loss for the quarter to $279 million, compared with a quarterly loss of $46 million a year earlier.
The company has agreed to sell the troubled Voom's sole satellite to EchoStar Communications for $200 million and to hand over the remaining assets to a private company being formed by Cablevision chairman Charles Dolan, who has refused to let the venture die.
Overall, Cablevision revenue rose to $1.4 billion, helped by an 11 percent increase in digital video customers in the quarter, to more than 1.48 million of its nearly 3 million cable TV subscribers.
Customers for its Optimum Voice telephone service, which uses Internet technology, jumped 44 percent in the quarter to 272,688.
Copyright © 2005, Newsday, Inc.
BY HARRY BERKOWITZ
STAFF WRITER
February 23, 2005, 10:01 AM EST
The Voom satellite TV service that Cablevision Systems Corp. is dropping posted a loss of $450 million in the fourth quarter of 2004, the company said Wednesday.
Voom's problems offset an 11 percent gain in overall revenue for Cablevision, widening the company's overall operating loss for the quarter to $279 million, compared with a quarterly loss of $46 million a year earlier.
The company has agreed to sell the troubled Voom's sole satellite to EchoStar Communications for $200 million and to hand over the remaining assets to a private company being formed by Cablevision chairman Charles Dolan, who has refused to let the venture die.
Overall, Cablevision revenue rose to $1.4 billion, helped by an 11 percent increase in digital video customers in the quarter, to more than 1.48 million of its nearly 3 million cable TV subscribers.
Customers for its Optimum Voice telephone service, which uses Internet technology, jumped 44 percent in the quarter to 272,688.
Copyright © 2005, Newsday, Inc.
