Cablevision Systems is moving forward with its plan to spin off Rainbow Media into a new company called AMC Networks.
Broadcasting and Cable reports Josh Sapan, the longtime head of the Bethpage-based Rainbow will become president and CEO of the new public company.
“Rainbow owns and operates some of cable television’s most admired networks, and over the past three decades, AMC has become one of the most established of those brands, recognized by consumers, advertisers and investors alike,” Sapan said in a statement. “As we move forward, we want to capitalize on that strong brand awareness for what will be our new public company.”
AMC Networks Inc. will be comprised of AMC, WE tv, IFC and Sundance Channel. The spin-off is expected to be completed by the middle of the year.