Cablevision buying Sundance Channel

The New York-area cable provider says it will pay $500 million for the independent film channel currently owned by NBC, CBS and Robert Redford.

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May 7, 2008: 11:27 AM EDT

NEW YORK (AP) -- Cablevision Systems Corp. says it is buying the Sundance Channel for about $500 million.

The New York-area cable TV provider already owns several other cable networks including the IFC movie channel and AMC, which won acclaim last year for its original series "Mad Men."

Cablevision (CVC, Fortune 500) said Wednesday that it plans to keep the Sundance Channel operating separately.

The Sundance Channel is owned by General Electric Co.'s (GE, Fortune 500) NBC, CBS Corp. (CBS, Fortune 500) and actor-director Robert Redford.

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