Cablevision Exploring Spinoff Of Rainbow Media
Lately it seems like Cablevision just can’t stay out of the news. CableFAX Daily is reporting that the New York-based cable operator is looking into a potential spinoff of Rainbow Media to Cablevision stockholders. The spinoff offers an alternative to selling Rainbow and Cablevision anticipates that it would be completed by the mid-2011.
In an official statement Cablevision said that the proposed spinoff would be “structured as a tax-free pro rata distribution to stockholders.” If the transaction goes through, the newly formed public Rainbow company would include AMC, WE tv, IFC, Sundance Channel, and Wedding Central.
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