Cablevision Board Approves Spin-off of Rainbow Media, Parent to AMC, IFC

Cablevision's board of director has approved the spin-off of its Rainbow Media unit, which is the parent company to cable channels AMC (The Walking Dead, Mad Men and Breaking Bad), IFC, WE, Sundance Channel and Wedding Central, the Los Angeles Times reports.

Cablevision CEO James Dolan says the plan would allow investors "to more clearly evaluate each of the separate companies' assets and future potential."

Cablevision, which reaches 3 million homes in the New York metropolitan area, will continue to operate Newsday, high school sports channel MSG Varsity and the Clearview Cinemas theater chain.

In November, shares of Cablevision Systems hit a 52-week high after the company announced it was once again considering separating its cable systems and cable network operations, something it has mulled in different scenarios several times in recent years.

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