NEW YORK (CNN/Money) - Cablevision Systems is selling its cable movie channel Bravo to NBC for $1.25 billion, the companies announced Monday.

The cable channel is aimed at a more upscale audience, showing movies and some original programming such as a "Inside the Actors Studio," which provides in-depth interviews with leading actors and actresses.

Long Island, N.Y.-based Cablevision has been trying to stem losses and strengthen its balance sheet as it tries to expand into high-speed Internet service as well as a possible satellite television operation. Last month it announced it was closing most locations of its electronics retailer unit The Wiz and is trying to sell a chain of movie theaters it operates.

The purchase gives NBC, a unit of General Electric Co. (GE: Research, Estimates), its first cable entertainment channel to go with its CNBC and MSNBC news channels. The company also owns minority stakes in ValueVision (ShopNBC), the A&E Network and the History Channel.

Bravo, which reaches more than 68 million households nationwide, is 80 percent owned by Cablevision (CVC: Research, Estimates) and 20 percent owned by Metro-Goldwyn-Mayer Inc. (MGM: Research, Estimates) The companies will split the proceeds of the sale.