Rainbow Media Group up for Auction

02 January 2001

Cablevision Systems has reportedly put its programming arm Rainbow Media Group up for sale.

The future of Rainbow, which includes cable networks such as Bravo, American Movie Classics and the Madison Square Garden Network, will be decided in an auction in which Cablevision hopes to raise $5 billion.

Cablevision is believed to have contacted NBC, which owns a 26% stake in Rainbow, USA Networks, Liberty Media Group and Comcast as possible suitors for the group. Interested parties must submit bids by January 16.

News source: New York Times