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.
Sundance Channel bought by Cablevision (CVC, GE, CBS)
Posted May 7th 2008 1:18PM by Jon Ogg
Filed under: General Electric (GE), CBS Corp 'B' (CBS)
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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