Cablevision Unit Buys Sundance Channel

Rainbow Media, the cable programming subsidiary of Cablevision, said Wednesday that it was purchasing the Sundance Channel, which shows independent films and other programming, for $496 million in stock and cash. The 12-year-old channel, available in nearly 30 million homes, was operated as a joint venture of NBC Universal, the CBS Corporation and Robert Redford, the actor, director and producer. Mr. Redford will remain with the network, although he will not retain an ownership stake. The company said that Sundance would remain a distinct channel, dismissing speculation that Cablevision would combine the Sundance Channel with IFC, the competing film channel it introduced in 1994.
http://www.nytimes.com/2008/05/08/business/media/08sundance.html?ref=tod...
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