Cablevision Gives Dolan More Time to Buy Voom
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Cablevision Systems Corp. agreed to operate the Voom satellite TV service until March 31, giving Chairman Charles Dolan more time to buy the business.
Cablevision’s board approved the agreement, delaying a shutdown of the service, the Bethpage, N.Y.-based company said. Dolan, who last week ousted three directors for opposing his plans, will pay for costs incurred by the service that exceed expenses related to a shutdown.
Dolan’s boardroom coup and his success in staving off Voom’s demise are victories over his son, Cablevision Chief Executive James Dolan, who sided with the board in deciding to get rid of the money-losing business.
Cablevision fell 67 cents to $28.62 on the NYSE.
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