Cablevision to Spin Off Satellite Business
Cable operator Cablevision Systems Corp. said it would spin off its satellite TV platform as well as three television channels, just days after launching the satellite service and saying its costs were uncertain.
Cablevision said the spinoff of Rainbow DBS would also include Rainbow Media properties AMC, the Independent Film Channel and WE: Women’s Entertainment.
The channels, Cablevision said, would enter into new funding arrangements before the spinoff to operate the satellite business and repay Rainbow debt.
The company did not give a timetable for the spinoff.
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