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nostrodumb_ass
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[VOOM] Voom here to stay - Press release
I can't believe no one has posted this here yet, so here goes:
_____________________________________________________________________
Press Release Source: Cablevision Systems Corporation=20
Cablevision Signs Letter of Intent to Divest Rainbow DBS Assets and=20
Liabilities
Thursday February 10, 5:56 pm ET=20
BETHPAGE, N.Y.--(BUSINESS WIRE)--Feb. 10, 2005--Cablevision Systems=20
Corporation (NYSE: CVC - News) today announced that it has signed a=20
letter of intent under which VOOM HD, LLC, a new private company=20
formed by certain holders of Cablevision Class B Common Stock,=20
including Charles Dolan and Tom Dolan, will acquire the business,=20
assets and liabilities of Cablevision's Rainbow DBS satellite=20
business not included in Cablevision's definitive agreement with=20
EchoStar announced January 20, 2005.=20
ADVERTISEMENT
=20
=20
In consideration, VOOM HD will assume and indemnify Cablevision=20
against substantially all of the liabilities of the Rainbow DBS=20
satellite business existing at the closing or thereafter incurred.=20
For Cablevision, the transaction will allow it to avoid various=20
shutdown costs and other liabilities of the VOOM service which it=20
would have incurred had it proceeded with its original plan to shut=20
down the service. Cablevision will incur certain severance costs in=20
connection with the transaction. VOOM HD is in the process of=20
securing financing to support the ongoing operations of the business=20
and anticipates having that financing in place by the close of the=20
transaction. The parties' obligations under the letter of intent are=20
subject to the execution of a definitive agreement by February 28,=20
2005.=20
"We're pleased to have an understanding that will permit us to=20
continue VOOM's state-of-the-art service for its customers," said=20
Tom Dolan of VOOM HD. "VOOM has met with critical acclaim and strong=20
enthusiasm among its customers, and VOOM HD is committed to=20
providing the necessary resources to continue building the largest=20
and broadest selection of HD and standard definition programming=20
available."=20
VOOM will acquire Cablevision's interest in the VOOM 21 high-
definition channels that are currently carried exclusively by=20
Rainbow DBS, various Ka-Band, Ku-Band and MVDDS licenses, the SES=20
Americom lease on the Rainbow 2 satellite, existing customer=20
agreements and other VOOM-related assets.=20
=20
------------------------
I can't believe no one has posted this here yet, so here goes:
_____________________________________________________________________
Press Release Source: Cablevision Systems Corporation=20
Cablevision Signs Letter of Intent to Divest Rainbow DBS Assets and=20
Liabilities
Thursday February 10, 5:56 pm ET=20
BETHPAGE, N.Y.--(BUSINESS WIRE)--Feb. 10, 2005--Cablevision Systems=20
Corporation (NYSE: CVC - News) today announced that it has signed a=20
letter of intent under which VOOM HD, LLC, a new private company=20
formed by certain holders of Cablevision Class B Common Stock,=20
including Charles Dolan and Tom Dolan, will acquire the business,=20
assets and liabilities of Cablevision's Rainbow DBS satellite=20
business not included in Cablevision's definitive agreement with=20
EchoStar announced January 20, 2005.=20
ADVERTISEMENT
=20
=20
In consideration, VOOM HD will assume and indemnify Cablevision=20
against substantially all of the liabilities of the Rainbow DBS=20
satellite business existing at the closing or thereafter incurred.=20
For Cablevision, the transaction will allow it to avoid various=20
shutdown costs and other liabilities of the VOOM service which it=20
would have incurred had it proceeded with its original plan to shut=20
down the service. Cablevision will incur certain severance costs in=20
connection with the transaction. VOOM HD is in the process of=20
securing financing to support the ongoing operations of the business=20
and anticipates having that financing in place by the close of the=20
transaction. The parties' obligations under the letter of intent are=20
subject to the execution of a definitive agreement by February 28,=20
2005.=20
"We're pleased to have an understanding that will permit us to=20
continue VOOM's state-of-the-art service for its customers," said=20
Tom Dolan of VOOM HD. "VOOM has met with critical acclaim and strong=20
enthusiasm among its customers, and VOOM HD is committed to=20
providing the necessary resources to continue building the largest=20
and broadest selection of HD and standard definition programming=20
available."=20
VOOM will acquire Cablevision's interest in the VOOM 21 high-
definition channels that are currently carried exclusively by=20
Rainbow DBS, various Ka-Band, Ku-Band and MVDDS licenses, the SES=20
Americom lease on the Rainbow 2 satellite, existing customer=20
agreements and other VOOM-related assets.=20
=20
------------------------