A day after closing its acquisition of Sundance Channel, Cablevision Systems’ Rainbow Media Holdings subsidiary has moved Larry Aidem, CEO of Sundance, to a new job at Rainbow.
Mr. Aidem was named president of Rainbow Ventures, effective immediately, the company said. Mr. Aidem will report to Rainbow President and CEO Josh Sapan and will focus on “identifying strategic business opportunities,” the company said.
Mr. Aidem will also help with the transition of Sundance to Rainbow, which also owns another independent-film-oriented channel, IFC. Some of the channels’ operations are expected to be consolidated, although both channel brands will continue to exist separately.
A Rainbow spokeswoman couldn’t say who was in charge of Sundance with Mr. Aidem gone.
She said the transaction’s closing happened sooner than expected and the company is lining up more personnel announcements.