Cablevision’s Acquisition of Sundance Channel Complete

NEW YORK, June 17:
Cablevision’s Rainbow Media Holdings has completed its acquisition of Sundance
Channel from NBC Universal, CBS Corporation’s Showtime Networks and founder
Robert Redford.

The completed acquisition
follows on an agreement that was reached on May 6, which indicated that the total
consideration of $496 million be paid through a tax-free exchange of
approximately 12.7 million shares of common stock in NBCU parent General
Electric held by Rainbow Media, with a cash adjustment.

The network, which is
available to some 30 million homes across the U.S., joins Rainbow Media’s
current portfolio of entertainment brands, AMC, IFC and WE tv.

—By Kristin Brzoznowski