Bethpage, NY (July 27, 2000) – Rainbow Media Holdings, Inc., a subsidiary of Cablevision Systems Corporation (NYSE: CVC), today announced that it has raised its ownership stake in MuchMusic USA to 100% by acquiring Chum Limited’s 50% interest in the network. MuchMusic USA, available in 18 million homes nationwide, will continue to carry its signature content through a programming license agreement between Rainbow and Chum.
Rainbow, a pioneer of national and regional television brands like American Movie Classics, Bravo and News 12 Networks, has owned 50 percent of MuchMusic USA and managed the network since its launch in 1994.
“One of the few remaining independent voices, MuchMusic USA has been a genuine alternative on the music television scene, with a diverse playlist and interactive style that appeals to true music lovers. This restructured agreement will allow to continue giving viewers the programming they love, while providing us with increased flexibility to develop new content to create a more local, more interactive, multi-platform music service,” said Josh Sapan, Rainbow’s president and CEO.
MuchMusic USA is a music channel alternative for passionate fans who appreciate a fresh voice in music television. Live 13 hours a day, MuchMusic features impromptu performances and music videos in an all-music-all-the-time format. Whether it’s a mega-mix of edgy new sounds or clips of classic hits, this 24-hour channel always serves up a diverse and authoritative blend – from hip hop to pop, alternative to electronica, rap to reggae.
Rainbow Media Holdings, Inc., a subsidiary of Cablevision Systems Corporation and NBC, is at the forefront of innovation in cable programming. Rainbow manages American Movie Classics, Romance Classics, Bravo, The Independent Film Channel, MuchMusic USA, Rainbow Sports, News 12 Networks and MetroChannels as well as the Rainbow Advertising Sales Corporation and Rainbow Network Communications. In addition, Rainbow is a fifty-percent partner in Fox Sports Net.
Sloane & Company
Rainbow Media Holdings, Inc.