Cablevision’s Directors Approve Rainbow’s Purchase of Sundance Channel

(NewsVisual, powered by IntellectSpace) -- A division of Cablevision Systems Corp (NYSE:CVC), Rainbow Media, announced on Wednesday that it has purchased the Sundance Channel for $496 million with an eye toward strengthening its entertainment presence, Cablevision said in a statement.

Rainbow is acquiring the Sundance Channel, which reaches nearly 30 million subscribers, from General Electric Co.'s (NYSE: GE) NBC Universal, CBS Corp.'s (NYSE: CBS) Showtime Networks, and entities controlled by Robert Redford, the statement said.

Founded in 1996 by Robert Redford as a creative endeavor, the Sundance Channel offers films, documentaries and original programs.

"Robert Redford is a true visionary and, through everything he has accomplished with Sundance Channel, has made immeasurable contributions to the world of independent film," said Rainbow Media CEO/President Joshua Sapan.

"Rainbow has experienced firsthand how impressive original programming like Mad Men and Breaking Bad can distinguish a network's brand. Sundance Channel has already established its own distinct voice through impressive programming like The Green and Iconoclasts and our vision is to build on this type of original content, further strengthening the uniqueness of the network," Mr. Sapan added.

For its part, Cablevision allowed the deal to go forward because it views Rainbow’s purchase of Sundance as a strategic acquisition that will facilitate future audience growth.

NewsVisual created an IntellectSpace Knowledge Map of Cablevision’s Board of Directors in order to assess their collective level of business experience.

The Knowledge Map shows that several of the Directors sit on the boards of several corporations, including Sheraton Corp., Harrahs Entertainment Inc., and Hasbro Inc., to name a few.

To view all of the business connections of Cablevision’s Directors, click here for an interactive and fuller version of this IntellectSpace Knowledge Map.

(Note: the information contained and presented in Knowledge Maps is public information from the Securities and Exchange Commission of the United States of America).