Cablevision Board OKs Midyear Spinoff of AMC Networks
The cable operator's chairman Charles Dolan will fill the same role at the separate cable networks company.
NEW YORK - Cablevision Systems said Monday that its board has approved the previously planned spinoff of its networks unit AMC Networks, now known as Rainbow Media. It will become effective midyear.
Following the spinoff, Cablevision founder and chairman Charles Dolan will become executive chairman of the new, publicly traded AMC Networks, home of such channels as AMC, IFC, Sundance Channel and We tv. Dolan will continue in his role as chairman of Cablevision.
Current Rainbow CEO Josh Sapan will become president and CEO of AMC Networks, the company reiterated.
Cablevision president and CEO James Dolan will also sit on the AMC board, the company said Monday.
“With today’s board action, we are one step closer to creating two distinct companies for investors," James Dolan said. "Rainbow today houses some of cable television’s most admired networks, while Cablevision’s portfolio of industry-leading telecommunications services and local content offerings has made it one of the nation’s leading media and telecommunications companies. We are confident that both the new AMC Networks and Cablevision will continue to build on their considerable records of achievement.”
The share distribution will occur June 30 to Cablevision shareholders of record as of the close of business June 16.