Unable to find a buyer willing to pay the $4.1 billion asking price for its Rainbow Programming networks, Cablevision Systems has agreed to sell 20 percent of the unit to MGM for $825 million. Under the deal Rainbow, whose channels include American Movie Classics, Bravo, the Independent Film Channel and WE, also agreed to license MGM's movie library. In an interview with Bloomberg News, MGM chief Alex Yemenidjian said, "We hope to expand our 20-percent interest to a higher ownership at some point."

Source: Studio Briefing