Cablevision: No Rainbow Spinoff in ‘0412/03/2004 9:35 AM Eastern
The planned spinoff of Cablevision Systems Corp.’s Rainbow Media Entertainment arm is going to take a little longer than expected.
In a terse Securities and Exchange Commission filing late Friday, Cablevision said the RME spinoff, scheduled for the fourth quarter, will not take place in 2004. The company did not say when it expected the spinoff to be completed.
Cablevision had originally expected to spin off RME -- which consists of its three national programming networks (AMC, The Independent Film Channel and WE: Women’s Entertainment), Mag Rack, its Rainbow DBS satellite-television offering and other national programming assets -- by Sept. 30.