Cablevision’s Rainbow Media Buys Gothamist Network

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The Gothamist blog network, perhaps known best for its New York-centric namesake blog is in the process of being acquired by the Rainbow Media division of Cablevision for somewhere between 5 and 6 million dollars, reports paidContent.

Rainbow Media also owns the Sundance, IFC and AMC channels, as well as the Long Island-focused Newsday newspaper. Gothamist recently sold its “Torontoist” site to local investors, but retains several sites focused on major American cities, such as LA and Chicago.

Cablevision has had recent negotiation “issues” with ABC (nearly resulting in many tri-state area citizens missing this year’s Academy Awards), as well as The Food Network and HGTV. Its relationship to Newsday has also been less than stellar as of late, causing some to wonder how Gothamist’s coverage will fit in with that of the pub.