Cablevision’s Rainbow Media Holdings has completed its acquisition of the Sundance Channel.
The agreement, made official today, was originally reached by Rainbow and Sundance Channel owners NBC Universal, CBS and Robert Redford on May 6. The sellers are receiving $496 million in the transaction, giving Cablevision ownership of 100% of the network.
IFC, Rainbow’s other independent film-based channel, was formed after Cablevision was unable to reach an earlier deal with Sundance. In a statement made last month, Rainbow said the channel will maintain a relationship with Mr. Redford, who has acted as the network’s creative director since its inception.