Cablevision Acquires Sundance Channel
Cablevision's Rainbow Media Holdings has acquired the cable network Sundance Channel for a sum of $496 million from co-owners NBC Universal, Showtime Network, and the actor/director Robert Redford.
Redford, who owns six percent, and CBS Corp's Showtime, which owns 37 percent, will be paid in cash. General Electric's NBC Universal, which controls 57 percent of the network will receive 12.7 million Rainbow-held shares of its stock.
The Sundance Channel will become part of Rainbow Media's list of networks devoted to independent films, which includes IFC, AMC, and We tv. Though Cablevision did not elaborate on its plans, it is possible that IFC and Sundance may be merged together.
Click here to learn more about Cablevision's acquisition.
