Metro-Goldwyn-Mayer Inc. closed its sale of Rainbow Media Holdings Inc.
equity to Rainbow parent Cablevision Systems Corp. Friday afternoon.
Under the deal, announced last month, MGM sold its 20 percent stakes in
Rainbow channels American Movie Classics, The Independent Film Channel and WE:
Women's Entertainment to Cablevision for $500 million.
Cablevision paid MGM $250 million in cash immediately and will turn over the
balance through a note payable in five months.