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Outlook not so good...
Posted 18 January 2005 - 04:50 PM
Posted 18 January 2005 - 05:00 PM
The father has all the shares, and he wants to keep VOOM
but even if that does not work out, there is still a good chance that dish or direct may buy it
dish already uses 61.5, and it might be a good match, especially since VOOM HD hardware already has mpeg4
We shall see, it makes there free installation and hardware deal even more attractive
Posted 18 January 2005 - 07:30 PM
Posted 18 January 2005 - 08:06 PM
They gave me the OTA antenna with the regular install
Voom was the topic of discussion on CNBC this afternoon. They interviewed Tom Egan of Oppenheimer. He says that the various announcements from D* and high churn are hurting them. He says there is a high likelyhood that they will sell out to Echostar, pretty much in line with the thinking here. He says there is about a 20% chance they may just shut it down and go away. I need to call them and see if they would install an off air antenna that is "correct" for this area, one that would bring in my digital NBC and CBS from about 80 miles away. If they would install such an antenna and the required amp I just might jump on board (and add a rotor to the antenna myself so that I could get WPB and Orlando).
Posted 18 January 2005 - 10:11 PM
Posted 19 January 2005 - 01:15 AM
By PETER GRANT Staff Reporter of THE WALL STREET JOURNAL
January 19, 2005; Page B3
The board of Cablevision Systems Corp. reiterated its determination to shut down or sell its unprofitable satellite service over the protests of Cablevision Chairman and Founder Charles Dolan, who wants to keep it going, people familiar with the matter said.
At a three-hour meeting via phone, the board asked Cablevision's management to give it a plan for cutting back funding of the service, known as Voom, which launched about a year ago.
The board also asked for a status report on efforts to sell the business. The company has funded the service, which lost $75.3 million in the third quarter of last year, only until the end of the month, people said.
A Cablevision spokesman declined to comment.
The satellite service has created an unusual public rift between Mr. Dolan and his son James Dolan, Cablevision's chief executive. James Dolan sides with the majority of directors who voted last month in favor of shutting Voom down or selling it.
Charles Dolan has indicated that he might try to unseat some of the directors who oppose him. He would likely be able to do this because the Dolan family elects 75% of the directors through a separate class of stock that it owns. Charles Dolan is believed to control the family stake through his own shares and his influence with other family members.
Charles Dolan didn't mention the threat to replace board members at yesterday's meeting, people familiar with the matter said. But he continued to argue that Cablevision should continue funding Voom, they added.
Most investors and analysts favor pulling the plug on Voom, which has cost Cablevision over $500 million and would likely run at a deficit for years. In 4 p.m. composite trading on the New York Stock Exchange, the stock was trading down 38 cents, or 1.6%, at $23.97.
"The uncertainty will persist until they can figure out a structure to get rid of Voom," says Aryeh Bourkoff, a cable analyst with UBS Securities who downgraded Cablevision on the news of the board rift.
Posted 19 January 2005 - 01:32 AM
It is only decent, if you are going to repost an item from another forum, to give that forum and the poster, (in this case me) credit.
(Although, the headline you added was yours, not mine.)
Posted 19 January 2005 - 07:15 AM
"The board also asked for a status report on efforts to sell the business."
It would appear the desire to sell VOOM must have surfaced, and been acted on, at an earlier board meeting where it was decided to initiate those efforts. The status report basically is an indication of the level of interest displayed by contacts with potential, or likely, purchasers of VOOM.
Posted 19 January 2005 - 09:33 AM
Posted 19 January 2005 - 02:11 PM
The guys I know at VOOM are saying the Old Man is going to attempt a palace coup and replace some of the directors against him with bobo's who will vote his way. If that happens, look for Cablevision's stock to tank and for large shareholders to sue.
Posted 20 January 2005 - 02:32 PM
From Breifing.COM http://www.briefing....epth/InPlay.htm
CVC Cablevision: Executive memo leaked - Satelliteguys.us (23.89 -0.48)
Satelliteguys.us is reporting that an executive memo from CVC Chairman Charles Dolan and Tom Dolan (CIO) was leaked to them yesterday. The reported memo reads, "Yesterday, Cablevision's Board of Directors in a split vote passed a resolution to sell or dispose of Rainbow DBS, i.e., VOOM and VOOM 21. It is our expectation that RDBS will be offered for sale as an operating business. To do otherwise risks minimizing the return to Cablevision. Sale of RDBS requires RDBS to continue to operate normally. Potential bidders for RDBS include members of the Dolan family." The complete text of the reported memo can be found at www.satelliteguys.us. (Briefing.com note: CVC has been the subject of much speculation over the past few days in regards to what the board would do with Rainbow DBS (VOOM). This memo could be seen as positive as it may signal that VOOM will be sold and that CVC will not continue to fund the money losing operation.)
Memo Spells Doom for Voom
By George Mannes
1/20/2005 12:38 PM EST
Cablevision (CVC:NYSE) is trying to sell Voom, and members of the cable operator's controlling family may be buyers, according to what appears to be an internal company memo.
The memo, if authentic, confirms previous reports that Cablevision's board has been divided over the fate of its money-bleeding startup satellite service, and that a majority of directors were in favor of giving up on the venture.
The memo also serves to hearten many Cablevision analysts and investors, given the prevailing belief outside of Cablevision that the Voom HDTV-focused satellite service has little chance of competing profitably with the likes of DirecTV (DTV:NYSE) and EchoStar (DISH:Nasdaq) .
Cablevision's shares rose 77 cents Thursday to trade at $25.15.
A Cablevision spokesman didn't return a call requesting comment.
On Wednesday evening, the Internet site SatelliteGuys.US posted what purported to be a memo out of Cablevision's Rainbow Media Enterprises programming unit, addressed to RME's staff.
The memo, purporting to be from Charles Dolan -- chairman of both Cablevision and Rainbow -- and Tom Dolan -- Charles' son and CEO of Rainbow -- reports that on Tuesday, Cablevision's board, in a split vote, resolved "to sell or dispose of Rainbow DBS; i.e., VOOM and VOOM 21."
"It is our expectation that RDBS will be offered for sale as an operating business," continues the memo. "Potential bidders for RDBS include members of the Dolan family."
On Thursday, Fulcrum Global Partners analyst Richard Greenfield issued a report indicating that the memo -- which he reprinted but which appears to have been pulled from the SatelliteGuys.US site -- appeared to confirm Voom's impending sale.
"While we have not been able to confirm its authenticity with CVC corporate management," wrote Greenfield, "we have confirmed with two different Rainbow Media employees that such a memo was sent out yesterday afternoon by Charles and Tom Dolan."
Greenfield, who like other analysts on Wall Street is of the opinion that Voom was a value-devouring lost cause of Cablevision's, has a buy rating on the stock.
One would suppose that Greenfield would not be passing along the memo without some confidence in its authenticity, given the NASD's recent enforcement action against a colleague of his. Last Friday, the NASD announced it had fined Fulcrum wireless telecom analyst Walt Piecyk $75,000 on charges, which Piecyk neither admitted nor denied, that Piecyk had circulated a negative rumor about RF Micro Devices (RFMD:Nasdaq) without conducting "a reasonable inquiry into whether there was a basis for the rumor."
Its going to be interesting to see how this all pans out.
Posted 20 January 2005 - 03:48 PM
Posted 20 January 2005 - 08:03 PM
Originally posted by WeeJavaDude
I have to agree with Gary.
Originally posted by Jacob S
I have to agree with Gary.
Originally posted by Randall DBS
Yep you know it. I have to agree with Gary.
Posted 20 January 2005 - 08:11 PM
Posted 21 January 2005 - 09:11 AM
Posted 24 January 2005 - 12:15 AM