Cablevision May Spin Off Rainbow Unit

Before you go, we thought you'd like these...
Before you go close icon
Cablevision Systems Corp. (CVC) is considering spinning off its Rainbow unit, which includes cable channels AMC, Sundance and IFC.

The company may spin off the unit to its shareholders as a "tax-free pro-rata distribution," Cablevision said in a statement. The deal would be completed by mid-year 2011.

The spin-off would provide "each company with greater flexibility to pursue strategic objectives," Cablevision said.

Cablevision isn't considering selling the Rainbow unit or its cable and telecommunications business.




Read Full Story

Markets

S&P 500 2,191.95 0.87 0.04%
DJIA 19,170.42 -21.51 -0.11%
NASDAQ 5,255.65 4.55 0.09%
DAX 10,513.35 -20.70 -0.20%
HANG SENG 22,564.82 -313.41 -1.37%
NIKKEI 225 18,352.14 -73.94 -0.40%
USD (per EUR) 1.06 0.00 -0.09%
USD (per CHF) 1.01 0.00 0.12%
JPY (per USD) 113.74 0.24 0.21%
GBP (per USD) 1.27 0.00 0.24%

From Our Partners