Voom Gets Breathing Room
Newsday.com – Business: Long Island and New York City: Voom has always seemed like a really incredible entertainment platform with lots of HDTV content, but the question has always been, will they survive.
“Cablevision Systems Corp. yesterday agreed to give chairman Charles Dolan another chance to pull the Voom satellite TV service back from near-death and take it off the company’s hands.
The agreement, approved by a newly reconstituted board and a committee of independent directors, is the latest twist in a corporate soap opera full of cliffhangers that has pitted Dolan against his son James, the chief executive, and threatened to tear apart Cablevision. Last week, a majority of the old board, including James, had ordered Voom shut, leading Charles Dolan to overhaul the board.
The new deal, which “terminates” March 31, allows Voom to keep operating while Dolan and his son Thomas, who is a chief executive of Voom, seek to arrange an “alternate transaction” that would avoid a shutdown, the company said.”