AMC’s parent Rainbow Media won’t be part of Cablevision anymore. After exploring a possible spin-off of its Rainbow Media division for the past couple of months, Cablevision Systems Corp. today announced it is proceeding with the spinoff after getting authorization from the board of directors. The spin-off is expected to be completed by mid-2011. “We are moving forward with the spin-off of Rainbow from Cablevision, which will create two distinct companies – one led predominantly by a premiere cable business and another that houses an attractive portfolio of successful programming assets,” Cablevision President and CEO James L. Dolan said. “We believe this will provide both Cablevision and Rainbow with greater flexibility to freely pursue their own strategic objectives and individual business plans, while allowing investors to more clearly evaluate each of the separate companies’ assets and future potential.” The new Rainbow’s assets will include:
- Cable networks AMC, WE tv, IFC, Sundance Channel and Wedding Central
- IFC Entertainment, which incorporates IFC Films, IFC Productions and the IFC Center
- Rainbow Network Communications, a full-service network programming origination and distribution company.
Remaining part of Cablevision are the cable and telecommunications businesses as well as newpaper Newsday, News 12 Networks, MSG Varsity and Clearview Cinemas.