Cablevision's Rainbow to Acquire Gothamist
Cablevision Systems‘ Rainbow 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.
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