Rainbow more valuable as separate asset, Cablevision says

While some cable operators (OK, Comcast) seem to be more closely embracing their programming assets, Cablevision Systems (NYSE: CVC) is doing its best to distance itself by spinning out its Rainbow Media.

The move, following a similar spinoff of its Madison Square Garden assets, will give Cablevision "three distinct assets," said Executive Vice President Greg Seibert, speaking at the Morgan Stanley Technology, Media and Telecom conference.

"Having them in three distinct public companies makes all the sense in the world (and) will give us additional financial flexibility at Cablevision to either make more acquisitions (the company recently completed a buyout of Bresnan Communications), invest in the business or continue to return capital to shareholders and probably all of those."

Rainbow's properties include cable networks AMC, WE tv, IFC, the Sundance Channel and Wedding Central.

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