Cablevision Systems Corp., the New York-area cable-television operator, on Wednesday agreed to buy the Sundance Channel from NBC Universal, CBS Corp. and actor-director Robert Redford for 496 million U.S dollars.
Cablevision will pay with about 12.7 million General Electric Co. shares, the companies said in a statement. NBC parent GE will get the stock and provide cash that Bethpage, New York-based Cablevision will use to pay CBS and Redford.
The purchase gives Cablevision's Rainbow Media another movie channel to complement its Independent Film Channel, AMC and Women's Entertainment networks.
Source:Xinhua
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