Gawker
Rainbow Media, that gay-sounding TV group actually owned by the macho Dolan family, is adding the Sundance Channel to its portfolio. One wouldn't have thought there was much money in broadcasting obscure documentaries and independent movies. But Sundance Channel reaches 30 million homes and is going to Cablevision unit Rainbow for $496m. One of the beneficiaries: actor Robert Redford, who played a bank robber in Butch Cassidy and the Sundance Kid, and applied the Sundance name to the annual film festival in Park City and the premium cable channel.
New York, 10:10 PM
Sun Jul 6
3 posts in the last 24 hours
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Comments
They have my favorite show, Nimrod Nation, occasionally re-run. I like the Sundance and hope they keep it as is.
As a maker of obscure documentaries, I hope these rainbow folks pony up some cash to the independents trying to get their work seen (after they've lined Bob's pockets... that is). In this exciting world of new distribution platforms, old school cable TV is still the place where an independent can try to pay his mortgage.
@jackvinyl: Exactly, NN wouldn't have gotten made if not for Sundance's $.
Something odd seems to be going on at Viacom/CBS. Viacom is introducing a new movie channel and partnership with MGM. This is in direct competition with Showtime, partnered with Paramount. And now, the sale of Sundance, also owned by CBS? Is Showtime on the block?
I'm always baffled how Robert Redford is the king of independent film. The only films that he makes are funded by major studios. The only purpose of the Sundance festival is to increase the value of his real estate holdings in Park City and now he is cashing in on his cable channel all on the backs of kids making films with credit they will never be able to pay back.
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