Rainbow Media to acquire Sundance Channel


Rainbow Media Holdings, a programming subsidiary of Cablevision Systems, announced it has reached an agreement to acquire Sundance Channel from NBC Universal, CBS Corp.’s Showtime Networks, and entities controlled by Robert Redford.

Sundance Channel will join AMC, IFC and WE tv as another network within Rainbow Media’s portfolio. Under the deal, 496 million will be paid through a tax-free exchange of approximately 12.7 million shares of common stock of GE held by Rainbow Media. GE will receive all of the GE shares and the CBS and Redford entities will receive cash in exchange for their interests.