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The Independent Film Channel (IFC) and IFILM have signed an agreement that will extend the IFILM online brand to television and give IFC access to IFILM's online audience and content. Under the terms of the agreement, Rainbow will acquire an equity stake of approximately 5% of IFILM and will provide IFILM with on-air promotional time, delivered over several years, on IFC. IFILM and IFC will exchange content and cross-promote throughout their Web, television and print properties. IFC will also pay IFILM to develop and produce 26 half-hour episodes annually of a magazine-style TV show.