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Cablevision Systems Corporation in order to add a new channel to its Rainbow Media portfolio of cable movie channels is planning to purchase Robert Redford’s Sundance channel. Cablevision recently revealed that it will buy Sundance channel from General Electric’s NBC Universal, CBS’ Showtime Networks and entities controlled by Robert Redford.
Sundance channel is valued at $496 million under the terms of the cash-and-share deal agreed with Cablevision. Sundance was launched by director and actor Robert Redfield in 1996. Sundance offers its viewers original programming, including documentaries and reaches at least 30 million subscribers. Currently Robert Redford owns around 6 percent of Sundance, CBS 37 percent and NBC about 57 percent of Sundance. Cablevision’s Rainbow Media unit also houses cable networks AMC, WE and IFC. Rainbow Media unit revealed that Robert Redford will remain involved with the channel following the closing of the deal.
