NBC Negotiating to Buy Bravo Channel

NBC Inc. is in advanced discussions with Cablevision Systems Corp. to buy the cable operator’s Bravo entertainment channel, according to sources close to the companies.

NBC, owned by General Electric Co., is willing to pay about $1 billion for the channel and sister network the Independent Film Channel, sources said. But that sum is about half that envisioned by Cablevision founder Charles Dolan, who has come close to selling his four cable channels several times only to back away.

The channels also include American Movie Classics and WE: Women’s Entertainment. Last year Dolan sold 20% of Rainbow to Metro-Goldwyn-Mayer Inc. for $825 million. But Cablevision may have more urgency to sell now because of a steep decline in its shares and problems funding its current business plan. Neither NBC nor Cablevision would comment.