Cablevision’s Board Approves Spinoff of Rainbow
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Cablevision Systems Corp., the New York-area cable-television provider, will spin off its Rainbow unit, which includes cable channels Sundance, IFC and AMC, the broadcaster of “Mad Men.”
The unit will be spun off to Cablevision’s shareholders as a “tax-free pro rata distribution,” the Bethpage, New York-based company said today in a statement. The plan calls for a completion of the transaction in mid-year 2011. Last month, the company announced its board was considering a spinoff.