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Cablevision To Go Forward With Rainbow Spinoff

Cablevision Systems said Thursday that its board of directors has authorized management to move forward with the leveraged spin-off of its Rainbow Media Holdings programming unit to Cablevision's stockholders. The spin would be constructed as a tax-free pro rata distribution to stockholders and is expected to be completed by mid-year 2011.

The new Rainbow's assets will include AMC, WE tv, IFC, Sundance Channel and Wedding Central. Also IFC Entertainment, an independent film business that consists of multiple brands - including IFC Films, IFC Productions and the IFC Center. The Rainbow Network Communications is a full-service network programming origination and distribution company, delivering programming to the cable, satellite and broadcast industries.

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