NEW YORK - Cablevision Systems said Monday that its board has approved the previously planned spin-off of its networks unit AMC Networks, currently known as Rainbow Media. It will become effective mid-year.?
Following the spin-off, Cablevision founder and chairman Charles Dolan will become executive chairman of the new, publicly-traded AMC Networks.?Dolan will continue in his role as chairman of Cablevision.?
Current Rainbow CEO Josh Sapan will become president and CEO of AMC Networks, the company reiterated.
Cablevision president and CEO James Dolan will also sit on the AMC board, the company said Monday.
?With today?s board action, we are one step closer to creating two distinct companies for investors," James Dolan said. "Rainbow today houses some of cable television?s most admired networks, while Cablevision?s portfolio of industry-leading telecommunications services and local content offerings has made it one of the nation?s leading media and telecommunications companies. We are confident that both the new AMC Networks and Cablevision will continue to build on their considerable records of achievement.?
The share distribution will occur on June 30 to Cablevision shareholders of record as of the close of business on June 16.
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Source: http://feedproxy.google.com/~r/thr/business/~3/wrtnAKwBDU0/cablevision-board-okays-mid-year-195168
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