Cablevision late Friday announced that Voom, its high-definition satellite television service, is shutting down. The announcement ended a standoff between Charles Dolan, chairman of Cablevision, and his son James Dolan, CEO of the company. The board agreed that it was time to drop the venture as it was losing money.

Despite 40,000 customers, Voom lost almost a billion dollars since its inception in 2002, and the company failed to find a buyer for the service when it attempted to do so earlier this year. A message on the Voom Web site says that the service will shut down on April 30.