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Cablevision buys Sundance for $496M

By Anne Becker -- Broadcasting & Cable, 5/11/2008 8:00:00 PM

Cablevision's Rainbow Media Holdings LLC says it will buy The Sundance Channel in a stock and cash deal valued at $496 million. Robert Redford owns a slice of Sundance, as do NBC Universal and CBS.

Cablevision already owns a similar "art house" movie channel, IFC (Independent Film Channel), but Cablevision said last week it will keep the channels separate. IFC has 42 million subscribers, and Sundance about 30 million, according to SNL Kagan.

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