This post is one in a series on prominent company nicknames. See all 25, and share your thoughts and memories about the Tiffany Network below in the comments.

If CBS Corp.'s (NYSE:CBS) nickname The Tiffany Network were newly coined, I'd speculate that it referred to the long history of Tiffany's, and how the current CBS viewing public had probably begun shopping there back in the '20s. If the company has a more recently gained nickname, it would be the silver (-haired) network, due to the skewing of its viewership toward the geezer crowd.

In reality, the Tiffany moniker hearkens back to the CBS of radio's heyday and the early days of television. With the likes of Edward R. Murrow reporting from London during the Blitz, Orson Wells scaring the bejebus out of listeners with his broadcast of The War of the Worlds, the hit multi-cultural comedy I Love Lucy, and the iconic western Gunsmoke, the network's reputation for quality was once as glittering as one of Tiffany's diamond-pavéd bracelets.

How the mighty have fallen. CBS, with debacles such as the Katie Couric news anchor stint, now lags behind Fox in weekly ratings.

The Tiffany Network is part of a massive entertainment company with fingers in television (66% of revenues), radio (remember radio?) (12%), outdoor advertising (16%), and publishing (6%). Yes, those are all very 20th century businesses. The question troubling current investors is just how the company will move into the 21st century without swapping all its diamonds for rhinestones?

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.