Bethpage, N.Y. – Cablevision (NYSE: CVC), the nation’s eighth-largest
cable TV provider, announced that its board has approved a proposal to spin-off
the company’s Rainbow Media Holdings unit, which houses cable TV networks
including AMC, IFC, Sundance Channel and WE tv, and IFC’s film production
company.
The company reiterated that it is not looking to sell off Rainbow
Media.
The spin-off is expected to be completed by the middle of next year.
As
part of the deal, a refinancing of what will become the new Rainbow will create
new debt, a portion of which Cablevision will use to repay some $1.25 billion
in debt.
Following completion of the transaction, Cablevision will retain
ownership of Newsday, News 12 Networks, MST Varsity and Clearview Cinemas.
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(Bloomberg)
