In tangential - yet slightly relevant news, Cablevision has lost the bid for the MTA railyards. This is the location the Jets intend to build the new "West Side Stadium"
Cablevision loses bid for MTA Railyard rights
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http://www.libn.com/breakingNews_detail.cfm?id=3479
Jets win West Side rights; MSG mulls block
Mar. 31 2005 -- 4:56:51 PM EST
by KEN SCHACHTER
BETHPAGE - In a tumultuous day of decision for Cablevision Systems, the company's board mulled the fate of the Voom satellite TV service, while a $760 million bid by its Madison Square Garden unit to develop housing on Manhattan's West Side was turned down in favor of the New York Jets' plan to build a stadium.
In voting 14-0 in favor of the Jets' $720 million bid, the Metropolitan Transportation Authority gave a boost to the Bloomberg administration-backed effort to land the 2012 summer Olympics for New York City.
An MSG official, however, said the stadium was "far from being built."
Cablevision still could seek to tie up the project in the courts or block required zoning variances.
In a statement, MSG said: "It is obvious that the Bloomberg fix was in." Referring to terms of MSG's offer compared to the Jets' the statement added: "It's no wonder that the MTA is in financial crisis when its own board declares that $210 million is worth more than $400 million in cash. Today's decision will only serve to galvanize the two-thirds of New Yorkers who are bitterly opposed to spending more than $1 billion in taxpayer money for a football stadium that they do not want."
Cablevision sees a stadium complex as a rival to its Madison Square Garden and Radio City Music Hall properties, which book a variety of lucrative entertainment shows.
At deadline, there was no word on the outcome of the effort by Cablevision Chairman Charles Dolan to throw a lifeline to the company's Voom satellite TV service. Cablevision's board gave Dolan until today to arrange a deal to buy Voom assets, but it was unclear if he would be able find satellite capacity to continue service. Cablevision's board sold Voom's Rainbow 1 satellite to EchoStar Communications for $200 million, a transaction that Dolan is petitioning the FCC to block.
In a March 29 letter to the board, Dolan repeated his plan to use his super-voting stock to elect three-quarters of the company's directors at the annual meeting on April 19.
Jets win West Side rights; MSG mulls block
Mar. 31 2005 -- 4:56:51 PM EST
by KEN SCHACHTER
BETHPAGE - In a tumultuous day of decision for Cablevision Systems, the company's board mulled the fate of the Voom satellite TV service, while a $760 million bid by its Madison Square Garden unit to develop housing on Manhattan's West Side was turned down in favor of the New York Jets' plan to build a stadium.
In voting 14-0 in favor of the Jets' $720 million bid, the Metropolitan Transportation Authority gave a boost to the Bloomberg administration-backed effort to land the 2012 summer Olympics for New York City.
An MSG official, however, said the stadium was "far from being built."
Cablevision still could seek to tie up the project in the courts or block required zoning variances.
In a statement, MSG said: "It is obvious that the Bloomberg fix was in." Referring to terms of MSG's offer compared to the Jets' the statement added: "It's no wonder that the MTA is in financial crisis when its own board declares that $210 million is worth more than $400 million in cash. Today's decision will only serve to galvanize the two-thirds of New Yorkers who are bitterly opposed to spending more than $1 billion in taxpayer money for a football stadium that they do not want."
Cablevision sees a stadium complex as a rival to its Madison Square Garden and Radio City Music Hall properties, which book a variety of lucrative entertainment shows.
At deadline, there was no word on the outcome of the effort by Cablevision Chairman Charles Dolan to throw a lifeline to the company's Voom satellite TV service. Cablevision's board gave Dolan until today to arrange a deal to buy Voom assets, but it was unclear if he would be able find satellite capacity to continue service. Cablevision's board sold Voom's Rainbow 1 satellite to EchoStar Communications for $200 million, a transaction that Dolan is petitioning the FCC to block.
In a March 29 letter to the board, Dolan repeated his plan to use his super-voting stock to elect three-quarters of the company's directors at the annual meeting on April 19.
