The board of directors for U.S. media company Cablevision has approved the spin-off of its AMC Networks cable channels business.
Cablevision founder Charles Dolan will become executive chairman of AMC Networks, with current Rainbow CEO Josh Sapan (pictured) becoming president and CEO.
AMC Networks, formerly known as Rainbow Media Holdings, will be listed on Nasdaq under the symbol AMCX. Share distribution to Cablevision shareholders will take place June 30.
The company has under its umbrella American cable nets IFC, Sundance Channel, WE tv, and its namesake AMC, as well as international operations AMC/Sundance Channel Global.