Cablevision Mulls Rainbow Spinoff

Cablevision's board of directors has authorized the company's management to explore a potential leveraged spin-off of its Rainbow Media Holdings business to Cablevision's stockholders, which would be structured as a tax-free pro rata distribution to stockholders...

Cablevision's board of directors has authorized the company's management to explore a potential leveraged spin-off of its Rainbow Media Holdings business to Cablevision's stockholders, which would be structured as a tax-free pro rata distribution to stockholders.

If the transaction moves forward, it is anticipated that a new, public Rainbow company would mainly include programming assets. The company would target mid-year 2011 for completion of the proposed spinoff. The company is not considering the sale of Rainbow or its cable and telecommunications business.
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