Rainbow Media Holdings, a Cablevision Systems Corporation (NYSE: CVC) programming subsidiary, announced today that it will acquire 100% ownership of the Sundance Channel. Sundance is currently owned by NBC Universal, which is owned General Electric (NYSE: GE), and Showtime Networks, which is owned by CBS Corporation (NYSE: CBS), as well as various entities controlled by Robert Redford.
The exchange will be valued at approximately $496 million and consists of a tax-free exchange of 12.7 million GE shares held by Rainbow and given to General Electric and cash given to CBS and Redford entities for their interests.
Sundance began in 1996 under the direction of Robert Redford, with the goal of creating a channel that brings dedicated viewers while promoting artistic freedom of expression through various films, series, and documentaries. It now reaches some 30 million subscribers and with the acquisition, Sundance will join Rainbow's portfolio of channels, including AMC, IFC and WE.
Jon Ogg produces and edits the Special Situation newsletter for 247WallSt.com.
Featured Posts
Cramer on BloggingStocks: Don't paint everything with the jobs brush
Seven banks go up in smoke ahead of the holiday weekend
Sears offering hedge for consumers who lose their job -- good idea?In The News
- Disney Channel does it again with 'Princess' film, but it still has challenges
- JockStocks: Fred Perry knows its boundaries, lets Nike make Murray's footwear
- Bad news triggers a rally in the bond market
- No-flipping, increased-capital rules proposed for buying troubled banks
- Sprint Nextel, Leap Wireless stand to lose some business
- Seven banks go up in smoke ahead of the holiday weekend
- Sears offering hedge for consumers who lose their job -- good idea?
- Federal authorities take possession of Madoff's home
- The hot new IPO of 2010: General Motors
- Limited partners putting pressure on private equity funds to cut fees
- Subscribe
- Subscribe to feed
- Add to My AOL
- Sub with Bloglines
BloggingStocks bloggers (30 days)
| # | Blogger | Posts | Cmts |
|---|---|---|---|
| 1 | Joseph Lazzaro | 64 | 0 |
| 2 | Connie Madon | 56 | 0 |
| 3 | Steven Mallas | 50 | 0 |
| 4 | Steven Halpern | 47 | 0 |
| 5 | Zac Bissonnette | 46 | 0 |
| 6 | Mark Fightmaster | 46 | 0 |
| 7 | Tom Taulli | 38 | 0 |
| 8 | Tom Johansmeyer | 29 | 0 |
| 9 | Brian White | 27 | 0 |
| 10 | Sheldon Liber | 25 | 0 |
| 11 | Jim Cramer | 23 | 0 |
| 12 | Melly Alazraki | 23 | 0 |
| 13 | Paul Foster | 23 | 0 |
| 14 | Jon Ogg | 22 | 0 |
| 15 | Eric Buscemi | 21 | 0 |
| 16 | Elizabeth Harrow | 21 | 2 |
| 17 | Brent Archer | 20 | 0 |
| 18 | Trey Thoelcke | 20 | 0 |
| 19 | Jamie Dlugosch | 19 | 0 |
| 20 | Michael Fowlkes | 13 | 0 |
BloggingStocks Partners
More from AOL Money & Finance
- Money
- Stock Screener
- Stock Quotes
- Stock Charts
- Banking
- Checking Account
- Savings Account
- Credit Cards
- Credit Report
- DJIA
- Identity Theft
- Debt Management
- Loans
- Auto Loan
- Personal Loans
- Mortgages
- Refinancing
- Taxes
- Retirement
- Insurance
- Small Business
- Earnings
- Dow Jones Industrial Average
- AMT
- Car Insurance
- Common Tax Filing Mistakes
- Credit Score Calculator
- Crude Oil Prices
- DailyFinance
- Deals
- ETF Investing
- Financial Crisis
- GOOG
- Health Insurance
- Historical Stock Prices
- Home Insurance
- Income Tax
- Life Insurance
- Madoff
- Naked Nike Ad
- Online Tax Filing
- Pig Flu
- Recession
- Resume Builder
- Stock Brokers
- Stock Ticker
- Tax Advice
- Tax Audit
- Tax Credit
- Tax Deductions
- Tax Forms
- Tech News
WIN Network
- Autos
- Technology
- Lifestyle
- Gaming
- Entertainment
- Finance
- Sports
- Also on AOL
Last updated: July 03, 2009: 10:16 PM
BloggingStocks Exclusives
Hot Stocks
DailyFinance Headlines
- Sarah Palin to resign Alaska governor's office this month
- Surprise Hits: Twitter offers the profound and mundane in quick, addictive hits
- Sony's savior: Will it be a hybrid phone/video game player?
- Taleb sees $40 to $70 trillion needed in global deleveraging
- Huge gains in Chinese equities markets may make huge risks
Latest from BloggingBuyouts
- Investors pressure private equity funds to cut fees
- Will an IPO bring more transparency to KKR?
- Will FDIC's new rules for buying failed banks deter private-equity investors
- Blackstone anticipates recovery in Europe
- Carlyle, KKR, JC Flowers and others eye Nan Shan Life
TheFlyOnTheWall.com Headlines
- Alliance is undervalued and could fetch $45 in a takeout, BusinessWeek, reports
- Nuance's opportunities have been "voiced", BusinessWeek reports
- Wal-Mart should continue to gain share, BusinessWeek reports
- Canadian Superior receives notice from BG International
- Ericsson acquires more than 95% of LHS shares
BioHealth Investor Headlines
- Discovery Labs setback exacerbated by potential cash crunch (DSCO)
- Discovery Labs… Lessons of FDA Changes For Others To Heed (DSCO)
- BioSante’s Acquisition of Cell Genesys, Actual Beauty in Biotech Zombies (BPAX, CEGE)
- Why Acorda shares are sinking after seemingly positive development news (ACOR, BIIB)
- Biotech Stocks On the Move Early Wednesday (AMAG, MYGN, SPPI, NVAX)
WalletPop Headlines
- Live, from Walt Disney World, it's the Obamabot!
- Ukraine outlaws possession of porn, but can't define what it is
- Taken for a ride: 5 clever ways theme parks bleed you for extra
- Ask the Dolans: Is now the time to start my own business?
- Five Fabulous Finds: Stuffed pizza rolls, blizzards and ice cream sundaes...free!
My Portfolios
Track your stocks here!
Find out why more people track their portfolios on AOL Money & Finance then anywhere else.
BloggingStocks Partners
More from AOL Money & Finance
- Money
- Stock Screener
- Stock Quotes
- Stock Charts
- Banking
- Checking Account
- Savings Account
- Credit Cards
- Credit Report
- DJIA
- Identity Theft
- Debt Management
- Loans
- Auto Loan
- Personal Loans
- Mortgages
- Refinancing
- Taxes
- Retirement
- Insurance
- Small Business
- Earnings
- Dow Jones Industrial Average
- AMT
- Car Insurance
- Common Tax Filing Mistakes
- Credit Score Calculator
- Crude Oil Prices
- DailyFinance
- Deals
- ETF Investing
- Financial Crisis
- GOOG
- Health Insurance
- Historical Stock Prices
- Home Insurance
- Income Tax
- Life Insurance
- Madoff
- Naked Nike Ad
- Online Tax Filing
- Pig Flu
- Recession
- Resume Builder
- Stock Brokers
- Stock Ticker
- Tax Advice
- Tax Audit
- Tax Credit
- Tax Deductions
- Tax Forms
- Tech News
WalletPop Headlines
- Live, from Walt Disney World, it's the Obamabot!
- Ukraine outlaws possession of porn, but can't define what it is
- Taken for a ride: 5 clever ways theme parks bleed you for extra
- Ask the Dolans: Is now the time to start my own business?
- Five Fabulous Finds: Stuffed pizza rolls, blizzards and ice cream sundaes...free!
Other Weblogs Inc. Network blogs you might be interested in:
Reader Comments (Page 1 of 1)
5-07-2008 @ 6:59PM
Athelstan said...
Buying "Sundance" was a very smart move. I knew it was coming because everything Robert Redford's company does leads to a pot of gold in terms of enhancing the quality of film from America, advancing the art in all its facets, encouraging independent film makers, and , of course, making a good profit.
So, when does Cablevision, Newscorps, Disney, or Verizon ,for example,buy some small independent film makers and distributors? To name a few, Lion's Gate or Peace Arch Entertainment?
5-11-2008 @ 7:58PM
kenn said...
I hope they don't start putting commercials on IFC. It's the last decent channel left, other than mabye G4 with the guilty pleasure Ninja Warrior show. http://satxxkenn.sitemighty.com/brand/visa