Cablevision buys Sundance Channel

May 7, 2008 9:21:48 AM PDT
Cablevision Systems Corp. says it is buying the Sundance Channel for about $500 million.

The New York-area cable TV provider already owns several other cable networks including the IFC movie channel and AMC, which won acclaim last year for its original series "Mad Men."

Cablevision said Wednesday that it plans to keep the Sundance Channel operating separately.

The Sundance Channel was owned by General Electric Co.'s NBC, CBS Corp. and actor-director Robert Redford.