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Comcast to acquire Cablevision's Rainbow Media interest in FSN Bay Area and FSN New England
April 30, 2007
BETHPAGE, N.Y. -- Cablevision Systems Corporation (NYSE: CVC - News) and Comcast Corporation (NASDAQ: CMCSA - News, CMCSK - News) today announced that Comcast will purchase from Cablevision's programming subsidiary, Rainbow Media Holdings LLC, its 60 percent interest in FSN Bay Area and its 50 percent interest in FSN New England for $570 million in cash.
Upon completion of the FSN transactions, Comcast will own 100 percent of FSN New England and 60 percent of FSN Bay Area, with the remaining 40 percent still owned by an affiliate of News Corporation. Comcast will operate both networks and completion of these two transactions is subject to certain closing conditions.
For Comcast, the transactions add to its growing regional sports programming operations. The sale of FSN Bay Area and FSN New England allows a divestiture by Cablevision of its only remaining regional sports programming assets located outside of the New York market.
"FSN Bay Area and New England are excellent operating businesses and fit strategically into Comcast's portfolio of sports networks. By growing RSNs in markets where Comcast has existing operations, we have a unique opportunity to reinforce our brand image and capitalize on our local presence," said Jeff Shell, President of Comcast Programming Group.
"We have been honored to have operated FSN New England and FSN Bay Area since their inception and are confident that Comcast will only build on our record of excellence for sports viewers in these two important markets," said Josh Sapan, President and Chief Executive Officer of Rainbow Media Holdings.
Cablevision Systems Corp. (NYSE: CVC)
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