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NEW YORK -- Cablevision Systems Corp., a New York area cable TV provider, said it would proceed with a shutdown of its money-losing satellite TV venture called Voom.
In a filing with the Securities and Exchange Commission released early Friday, Cablevision said the service would no longer be available to customers as of April 30.
The move represented a defeat for Cablevision's chairman and founder Charles Dolan, who had championed the service. His son James, Cablevision's CEO, had sided with board members who opposed it, leading to a bitter family feud.
Investors, who had long been skeptical about Voom's prospects, applauded the company's belated move to exit the satellite business, sending Cablevision's shares up 25 cents. or 1%, to $28.09 in midday trading on the New York Stock Exchange.