Cablevision Systems Corp. has struck a tentative deal to sell Voom HD, its satellite programming service, to a group of stockholders led by its own chairman, Chuck Dolan.
Any deal will have to be approved by the Cablevision board.
The group plans to secure financing and keep the operation going. Cablevision has already agreed to sell Voom's satellite to DBS service EchoStar, but the deal does include a lease of satellite time, as well as 21 HD networks, customer agreements and other assets.
A definitive agreement on the sale, which will allow Cablevision to avoid some shutdown costs and other liabilities associated with shuttering the service, is scheduled for Feb. 28.