RE: [VOOM] Echostar Communication Buys Ranibow 1
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Cablevision to Sell Rainbow Direct Broadcast Satellite and Certain Related
Assets to EchoStar for $200 Million
BETHPAGE, N.Y.--(BUSINESS WIRE)--Jan. 20, 2005--Cablevision Systems
Corporation (NYSE:CVC) today announced that it has entered into a definitive
agreement for Rainbow DBS Company LLC to sell its direct broadcast satellite
and certain other related assets to a subsidiary of EchoStar Communications
Corp. (Nasdaq: DISH) for $200 million in cash.
Under the terms of the agreement, EchoStar will acquire the Rainbow 1
satellite, located at the 61.5 degree W.L. orbital position, as well as FCC
licenses to construct, launch and operate DBS services over 11 frequency
channels at the 61.5 degree W.L. orbital location. In addition, EchoStar
will acquire the contents of Rainbow DBS's ground facility in Black Hawk,
S.D. and related assets. The transaction is subject to regulatory approvals.
Cablevision will continue to explore strategic alternatives, including
monetization, for its remaining Rainbow DBS related assets, including
programming, equipment and spectrum.
VOOM will continue to provide service to its current customers during a
transition period.
About Cablevision Systems Corporation
Cablevision Systems Corporation is one of the nation's leading entertainment
and telecommunications companies. Its cable television operations serve more
than 3 million households in the New York metropolitan area. The company's
advanced telecommunications offerings include its iO: Interactive Optimum
digital television offering, Optimum Online high-speed Internet service,
Optimum Voice digital voice-over-cable service, and its Lightpath integrated
business communications services. Cablevision's Rainbow Media Holdings LLC
operates several successful programming businesses, including AMC, IFC, WE
and other national and regional networks. Rainbow also is a 50 percent
partner in Fox Sports Net. In addition to its telecommunications and
programming businesses, Cablevision is the controlling owner of Madison
Square Garden and its sports teams, the New York Knicks, Rangers and
Liberty. The company also operates New York's famed Radio City Music Hall,
and owns and operates Clearview Cinemas.
This release contains statements that constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that any such forward-looking statements are not
guarantees of future performance or results and involve risks and
uncertainties, and that actual results or developments may differ materially
from those in the forward-looking statements as a result of various factors,
including financial community and rating agency perceptions of the company
and its business, operations, financial condition and the industry in which
it operates and the factors described in the company's filings with the
Securities and Exchange Commission, including the sections entitled "Risk
Factors" and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" contained therein. The company disclaims any
obligation to update the forward-looking statements contained herein.
-----Original Message-----
From: thegrod [mailto:bruceg@htva.net]
Sent: Thursday, January 20, 2005 8:58 PM
To:
VOOM@yahoogroups.com
Subject: Re: [VOOM] Echostar Communication Buys Ranibow 1
What is this? Can anyone open it?
----- Original Message -----
From: "a_friend101" <a_friend101@yahoo.com>
To: <VOOM@yahoogroups.com>
Sent: Thursday, January 20, 2005 4:58 PM
Subject: [VOOM] Echostar Communication Buys Ranibow 1
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