Smallscreen News

By M&C Smallscreen May 8, 2008, 2:33 GMT

Sundance not so Independent anymore: Sold for $496 million

New York broadcast giant Cablevision yesterday bought Sundance Channel for $496 million. Actor Robert Redford EPA/MATTHEW CAVANAUGH

Actor Robert Redford EPA/MATTHEW CAVANAUGH

Actor Robert Redford EPA/MATTHEW CAVANAUGHVariety reported that the amount was nearly 25% higher than its valuation at the time, which pads the deal an additional $50 million going to the wallet of minority shareholder and Sundance Film Festival founder Robert Redford; his partners at NBC Universal and CBS gets the rest. Redford reportedly will stay on with the network, as it transitions to a commercial-supported network.The conundrum is that Cablevision's other arty independent network, IFC, essentially programs for the same demographic. Cablevision has also transformed AMC from classic ol'movie channel to a contender with critical hit series, "Mad Men" and edgier fare as well.What the new sale means for IFC - "independent film, unedited and commercially uninterrupted 24 hours a day" is uncertain.

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The Decade: Film's 10 Best Music Moments In The Aughts

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Peter Jackson Looks Lovely at 'Bones' Premiere - PopEater
Chris Rock interview, Sons of Anarchy and Woody Allen shout out for 'Madagascar' star

Robert Redford - View Robert Redford Pictures - Robert Redford News

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Click to launch this Robert Redford gallery

Click to launch this Robert Redford gallery

Click to launch this Robert Redford gallery

Click to launch this Robert Redford gallery

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