Cablevision Systems said its board of directors has approved the planned spin-off of its AMC Networks programming unit, adding that shares of the new entity will be distributed to shareholders on June 30.
Cablevision announced in December that it intended to spin-off its programming unit, Rainbow Media Holdings, including popular cable networks AMC, WE tv, IFC, Sundance Channel and IFC Films, as a separate entity. It later announced the new unit would be renamed AMC Networks. After the spin the new company will also operate AMC/Sundance Channel Global, an international programming business, and AMC Network Communications, a full-service network programming feed origination and distribution company.
"With today's board action, we are one step closer to creating two distinct companies for investors. Rainbow today houses some of cable television's most admired networks, while Cablevision's portfolio of industry-leading telecommunications services and local content offerings has made it one of the nation's leading media and telecommunications companies," Cablevision CEO James Dolan said in a statement. "We are confident that both the new AMC Networks and Cablevision will continue to build on their considerable records of achievement." In addition to his role as Cablevision President and CEO, James Dolan will also serve on the new AMC Networks' board of directors.
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