Cablevision wants action on Vivendi Universal Entertainment

Posted | Contributed by Jeff

In a surprise move to create a new entertainment dynamo, Cablevision Systems Corp. has agreed to contribute three of its cable TV networks to a company that Edgar Bronfman Jr. is trying to form by leading a group of bidders for the film, cable TV, theme park and music assets of Vivendi Universal. Bethpage-based Cablevision would throw in its Rainbow Media unit's American Movie Classics, Independent Film Channel, which covers Cannes; and WE: Women's Entertainment, but no cash, sources close to the bidding process said. In exchange, it would own between one-quarter and one-third of the equity in the new company, which Bronfman, who is Vivendi vice chairman, would run as chief executive.

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