Cablevision's Rainbow unit to buy blog site Gothamist

Cablevision Systems Rainbow Media Holdings is said to be spending between $5 million and $6 million (wouldn't that be $5.5 million) to acquire blog network Gothamist. First reports suggest that Rainbow will use the blog network to supplement content on its Sundance, IFC and AMC channels not as part of its Long Island Newsday newspaper.

Gothamist runs several city-focused local blogs headlined by New York City but also including Chicago, Los Angeles, Washington, D.C. and Austin, Texas. The acquisition has left media observers puzzled as to what Cablevision hopes to accomplish with the blog site.

"Most of the blogs in the network cover cities where Cablevision has no presence at all," said Techdirt, noting that Cablevision has only a peripheral interest in New York City, Gothamist's cornerstone market.

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