Dish, Cablevision set to settle Voom suit
Deal likely to include new carriage pact for AMC Networks
By Jill Goldsmith Thu., Oct. 18, 2012, 10:02am PT
Cablevision/AMC Networks and Dish Network are closing in on a settlement to their bitter legal fight over Voom, according to court documents filed Thursday. Shares of both companies soared on the news.
A deal wouldn't be a surprise after the judge adjourned court Wednesday until Monday, giving the parties days to hash out a deal. Notes in a court filing specified a "Poss. Settlement" in the case, with no details. In a down market, Dish shares advanced 4.75% to close at $35.74. AMC was up nearly 4% at $45.27.
Susquehanna Research legal analyst Thomas Claps said that means the companies have gone to New York State Supreme Court Judge Richard Lowe to indicate that they are either close to an agreement or have a deal in principle but need to work out the details. Wall Street applauded the news of a pending settlement.
Lowe has been tough on Dish, which was sanctioned over the summer for destroying evidence. AMC's "The Walking Deal" pulled in massive ratings for its season-three premiere.
A settlement is expected to include a carriage deal for AMC Networks channels (which were previously owned by Cablevision) and a cash component, which will be split between AMC and former parent Cablevision. They had asked for $2.4 billion in damages, but observers say it's unlikely a settlement award would be that high. EDIT
More at variety.com
James thanks for catching this it was late ...my apologies on posting entire story
Edited by rtd2, 19 October 2012 - 05:10 PM.
Trimmed to avoid copyright infringement