Cablevision’s Rainbow to Acquire Gothamist

Cablevision SystemsRainbow Media Holdings unit will acquire local blog network Gothamist for $5 million-$6 million, with a performance-based earn-out incorporated into the purchase price, paidContent reported.

A Rainbow source told paidContent the acquisition is unrelated to Cablevision-owned newspaper and Website Newsday, and it is aimed instead at boosting local content for Rainbow-owned cable networks Sundance Channel and The Independent Film Channel.

Publisher Jake Dobkin founded Gothamist in 2003, and it has expanded to a total of 14 cities, according to paidContent.