So Much For Independence: Robert Redford Pawns Sundance Channel for $496 Million

STV · 05/07/08 12:50PM

In a deal forecast by analysts back in March, New York broadcast titans Cablevision yesterday acquired the Sundance Channel for $496 million. The amount was nearly 25% higher than its valuation at the time, and it adds nearly $50 million to the wallet of minority shareholder and Sundance Film Festival founder Robert Redford; his partners at NBC Universal and CBS pocketed the rest. While Redford is expected to stay with the network, it should undergo plenty of other changes — not the least of which will be its transition to a commercial-supported entity. What else would you expect from Sundance other than a word with its sponsors?