Cablevision Emerges As Frontrunner For Sundance: Report
Final Decision Could Be Made Over This Weekend
By Multi Channel News Staff -- Multichannel News, 4/25/2008 7:28:00 AM
Cablevision Systems Corp. could be in the driver’s seat when it comes to purchasing Sundance Channel.
Citing sources, the New York Post’s Web site is reporting that Cablevision made the highest offer when bids were submitted two weeks ago and that Sundance and investment banker UBS could make the call on the deal this weekend.
Hedging somewhat, the story indicates that Time Warner and Viacom are also in the hunt. The article placed the final price in the $500 million range.
Network co-founder Robert Redford would remain, according to story, which also states that if Cablevision emerges as the winner, it would push Sundance within its Rainbow Media unit, which includes competitor IFC.
Cablevision declined comment. Sundance couldn’t be reached by press time.
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