Cablevision Board Approves Rainbow Spinoff

Following the exploration of a possible spin-off of its Rainbow Media Holdings business, Cablevision Systems announced that its board of directors has authorized the company's management to move forward with the leveraged spinoff of Rainbow Media to Cablevision'...

Following the exploration of a possible spin-off of its Rainbow Media Holdings business, Cablevision Systems announced that its board of directors has authorized the company's management to move forward with the leveraged spinoff of Rainbow Media to Cablevision's stockholders. The spinoff would be structured as a tax-free pro rata distribution to stockholders and is expected to be completed by mid- 2011, subject to necessary approvals.

Cablevision reiterated that it is not considering the sale of Rainbow or its cable and telecommunications business.
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