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Discussion in 'VoomTalk.Com (Closed Forum)' started by brewerdude, Jan 18, 2005.
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
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).
They gave me the OTA antenna with the regular install
That is standard for them, but will they use a high enough quality antenna to bring in a signal from 80 miles away? That is the deciding question.
(and from the Wall Street Journal)
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.
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.)
One of the most interesting statements in the article is
"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.
What I don't understand is if there's the possiblity of shutting down or selling off, why would they enter into a new contract for new satellites? And why announce new capacity? They clearly can't keep bleeding cash forever.
Here's the result of that meeting (as reported by the NYT)
My understanding on the satellite contracts is by entering into those agreements, VOOM is now "in line" for satellite production. When/if they sell, those contracts will have value to anyone who is seeking to build a satellite and not have to wait a long period of time.
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.
Its been a busy day...
Its going to be interesting to see how this all pans out.
I don't quite understand how Charlie D. can defend Voom, when its lost or cost $$ to the tune of nearly a half-billion (with a "B") dollars since its inception.. Do these guys really have that kind of money to throw around? Imagine how cable rates might be able to drop if the company was not supporting Voom. I think customers should get a rebate..
The argument is now moot:
Yes, that makes it pretty moot... end of story, end of road..
It was fun while it lasted. And at least I got a sweet OTA antenna out of it.
I give you all the credit in the world i am sorry that i did not mention your name and were i got my post but from now on i will post were i got my info.