Cablevision Systems’ [CVC] planned spin-off of its Rainbow Media Enterprises and its affiliated satellite TV venture, VOOM, is likely to close by year-end, according to Douglas Shapiro, a cable and satellite TV analyst with Banc of America Securities. Shapiro, who just resumed coverage of Cablevision, said the spin-off should ease investor concerns. The market generally has been too negative in assessing the value of Rainbow Media, he added.

VOOM has been a drag on Rainbow Media financially and is expected to have used $477 million in funding by the end of this year, Shapiro wrote to his clients Friday. Fledgling VOOM had amassed only 28,700 activated subscribers by Aug. 31.

(Douglas Shapiro, Band of America Securities, 212/8457-5678)