Robert Redford, the actor, director and producer, owns a seven percent stake in the Sundance Channel. On Wednesday Cablevision said it would purchase the channel for $496 million. (Evan Agostini/Getty Images)
Rainbow Media, the cable programming subsidiary of Cablevision, said Wednesday that it was purchasing the Sundance Channel, which shows independent films and other programming, for $496 million in stock and cash.
The twelve-year-old channel, available in nearly 30 million homes, is currently a joint venture of NBC Universal, CBS Corporation and Robert Redford. Mr. Redford, the actor, director and producer, will remain with the network.
“Programming that attracts a dedicated viewing audience has always been Rainbow’s mission, and we think that Sundance Channel is an excellent fit and consistent with that rich heritage,” Tom Rutledge, the chief operating officer for Cablevision, said in a statement. “We also believe that with Rainbow’s resources we will have a tremendous opportunity to build upon Sundance Channel’s success.”
Richard Greenfield, an analyst with Pali Research, said that Cablevision may want to combine the Sundance Channel with IFC, the competing film channel it introduced in 1996.
“I think it’s totally unclear right now whether they would create one channel or keep two channels,” he said.
Cablevision’s Rainbow Media unit also includes the movie and drama channel AMC, the women’s-oriented channel WE, and the HD networks VOOM.
In a statement, Larry Aidem, the president of the Sundance Channel, called the challenges facing independent cable programmers “profound.” Another independent channel, Oxygen, was sold to NBC Universal last year. The Weather Channel, owned by Landmark Communications, is on the auction block.
The Sundance Channel primarily shows films with an independent or artistic bent. It has garnered attention for original series like “Iconoclasts,” a conversation series pairing two well-known personalities, and “Live from Abbey Road,” an artist interview program.
Last month Sundance announced a slate of seven original shows incorporating themes of environmentalism and aesthetic design. It also acquired the United States rights to “Spectacle: Elvis Costello with…,” a discussion and performance series to be produced by Elton John. Last week it held its first-ever upfront presentation for prospective advertisers.
While Sundance gets attention for its original series, 70 percent of its programming consists of documentaries and other films. “Our heritage will always be dedicated to features and documentaries,” Laura Michalchyshyn, Sundance’s executive vice president and general manager of programming and creative affairs, told reporters last month.
"Flashpoint" is the first Canadian series to air simultaneously in the U.S. since 'Due South" in 1994. The police drama, now being filmed in Toronto, will be shown at the same time on CBS and CTV. 
Who ever knew the second president could be so appealing? The DVD set of “John Adams,” the HBO miniseries, has quickly become one of the company’s fastest-selling series ever. 
Find TV listings with this 
A daily updated summary of the week in television by The New York Times.
For adventures in digital culture, don't miss The Medium, a blog by Virginia Heffernan.
6 Comments
Way to go Redford !!!
— da1wright@yahoo.comso we’re probably looking at half as much independent film on cable in the future. way to go redford.
— annie oakleyHope CV runs Sundance as well as they run the Knicks and the Garden!
— kurt benbenekAt least I will have a job now.
— Isiah ThomasLet’s see, Sundance’s owners get $496M, and those Indie movie makers that supply the material for Sundance get what?
— KenCWell, there goes another channel down the corporate tube. The suits will assure us that nothing (much) will change, but as soon as the check clears the bank, the tinkering will start. And, like IFC, commercials, oops, I’m sorry, “underwriter enhancements” will start to creep in because the “challenges” facing independent cable programmers are “profound” yada yada… For crying out loud, Sundance couldn’t air reruns for “Slings And Arrows” without “promo breaks” seemingly every 10 minutes…
— Dave