Cablevision May Spin Off Rainbow Unit

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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.




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