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NEW YORK (Reuters) - Cablevision Systems Corp. said its Rainbow DBS unit is to buy five satellites from Lockheed Martin Corp. for about $740 million as it expands its satellite television operations.
Under the deal, Lockheed Martin will construct five Ka-band satellites to be delivered between 38 and 50 months after completion of the contract. Cablevision reported the deal in a Wednesday filing with the Securities and Exchange Commission.

Rainbow is expanding its year-old VOOM satellite service, planning to offer 5,000 high-definition channels with the addition of the new satellites, the company said.

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Reported by: Reuters.com