Cablevision Buys Gothamist For Up To $6 Million

New York Times Gothamist

From paidContent:

Gothamist, the local city blog network that is best known for its New York City edition, is being acquired by Cablevision-owned Rainbow Media, paidContent has learned.

The price is between $5 million to $6 million, though we understand a good portion of that is a performance-based earnout. Rainbow has Cablevision’s cable channels in its portfolio, including Sundance, IFC, AMC and others. The company, under the parent, also owns Newsday, which focuses on Long Island in NY, though unclear if there will be any synergies between Gothamist and Newsday with this acquisition. Another possibility for Gothamist is local cable TV rollout on Cablevision (NYSE: CVC) systems.

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