Cablevision Board Approves AMC Networks Spinoff

BETHPAGE: The board of directors of Cablevision Systems Corporation has given the go-ahead to the spinoff of its AMC Networks division, which will continue to be led by Josh Sapan as president and CEO.

AMC Networks, formerly known as Rainbow Media, consists of AMC, IFC, Sundance Channel and WE tv. It will be spun off to Cablevision shareholders this month. In the share allocation, Cablevision stockholders will receive one share of AMC Networks stock for every four shares of Cablevision stock they hold. Cablevision founder Charles F. Dolan will be the executive chairman of the new, publicly-traded AMC Networks.

“With today’s board action, we are one step closer to creating two distinct companies for investors," said James L. Dolan, Cablevision’s president and CEO. "Rainbow today houses some of cable television’s most admired networks, while Cablevision’s portfolio of industry-leading telecommunications services and local content offerings has made it one of the nation’s leading media and telecommunications companies. We are confident that both the new AMC Networks and Cablevision will continue to build on their considerable records of achievement.”