NEW YORK (AP) -- Charles Dolan, founder and chairman of Cablevision Systems Corp., is not one to give up on his satellite TV plans.
After being forced by Cablevision's board of directors to sell fledgling TV service Voom's only satellite to EchoStar Communications Corp. for $200 million, Dolan said late Thursday that he is planning to buy out the remainder of Voom's assets.
The deal includes Voom's 26,000 customers, 21 exclusive high definition channels, various spectrum licenses and leased capacity.
Under the plan, Dolan, along with his son Tom Dolan and some other Cablevision shareholders, will form a private company that will assume Voom's liabilities and protect Cablevision from any losses.
Cablevision has signed a letter of intent agreeing to the transaction, but the board must still approve final terms.
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