by Michael dEstries
Categories: Film/TV
Tags: .

As we reported earlier, the Sundance Channel was recently put up for sale. Robert Redford and Co — who started the network in 1996 — were eager to a.) cash in on their investment and b.) have a larger entity scoop up and subsequently expose their fantastic array of programming to an even larger audience.

Now it’s been announced that Cablevision’s Rainbow Media Holdings will acquire the network for $496 million. For his part, Redford should expect to earn almost $30 million — not bad for something largely a labor of love. From the release,

“For Rainbow Media, the purchase expands and strengthens its entertainment presence with the addition of a recognizable and desirable brand that attracts loyal viewers. Sundance Channel will join AMC, IFC and WE tv as another valuable and distinct network within Rainbow Media’s portfolio of award-winning national services.

‘Robert Redford is a true visionary and, through everything he has accomplished with Sundance Channel, has made immeasurable contributions to the world of independent film,’ said Rainbow Media President and CEO Joshua Sapan. ‘Rainbow has experienced firsthand how impressive original programming like Mad Men and Breaking Bad can distinguish a network’s brand. Sundance Channel has already established its own distinct voice through impressive programming like The Green and Iconoclasts and our vision is to build on this type of original content, further strengthening the uniqueness of the network.’”

And speaking of The Green — if you’ve not been able to experience it through your current cable offerings — there’s a good chance that the pickup by Cablevision will give you the opportunity.

Thankfully, Redford will stay on as the network gets cozy with its new parent company. “We look forward to working with Rainbow to further distinguish Sundance Channel and to create even greater value for this important service,” he said.

About Michael dEstries

Michael has been blogging since 2005 on issues such as sustainability, renewable energy, philanthropy, and healthy living. He regularly contributes to a slew of publications, as well as consulting with companies looking to make an impact using the web and social media. He lives in Ithaca, NY with his family on an apple farm.

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  • http://www.KvaleGames.com Tony Kvale

    Fantastic! I am hoping that the Sundance Channel can be part of more “basic” packages for cable/satellite with their new owners. With our supplier, Sundance is a premium channel with extra fees to access its programming. Fingers crossed!…

  • http://www.lumag.com Remy Chevalier

    Sadly, Cablevision in Fairfield County, Connecticut has never carried the Sundance Channel, so I’ve never actually seen it. Hopefully that will change now that Cablevision has bought the company.

    This previous lapse in judgement on the part of Cablevision will give Planet Green the instant lead into the most affluent first adopter suburban market when it launches on June 4th, instantly available to most CT and NY Cablevision subscribers when the Discover Home channel rebrands as Planet Green.