Cablevision spins off AMC Networks

Bapun Raz

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MUMBAI: US telecom, media and entertainment
company Cablevision Systems has announced that
its board of directors has approved the leveraged
spin-off of AMC Networks, formerly known as
Rainbow Media, to Cablevision shareholders. Following the spin-off, Cablevision founder Charles
F. Dolan will become executive chairman of the
new, publicly-traded AMC Networks. Dolan will
continue in his present role as Cablevision
chairman. The company announced earlier this year that
current Rainbow CEO Josh Sapan will become AMC
Networks president, CEO. The share distribution will occur on 30 June 2011
to Cablevision shareholders of record as of the
close of business on 16 June 2011. In the
distribution, each Cablevision Class A stockholder
will receive one share of AMC Networks Class A
common stock for every four shares of Cablevision Class A common stock they hold as of the record
date. Each Cablevision Class B stockholder will
receive one share of AMC Networks Class B
common stock for every four shares of Cablevision
Class B common stock they hold as of the record
date. Cablevision president and CEO James L. Dolan said,
“With today’s board action, we are one step closer to creating two distinct companies for investors.
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.” In addition to his role as Cablevision President and
CEO, James Dolan will also serve on the new AMC
Networks’ board of directors.


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