Earlier today, paidContent reported that Rainbow Media, the Cablevision subdivision that owns cable channels AMC, Sundance, IFC and more, was buying the New York-focused Gothamist blog (and its sister blogs in LA and DC) for $5 million to $6 million.
A company source tells us Rainbow Media has been in talks with Gothamist for a “couple of months,” but there is no official deal signed yet.
The company has no plans to combine Gothamist’s content with another one of Cablevision’s media assets: Newsday, a Long Island daily newspaper. Cablevision is tangled up in a messy battle with staffers as it is. Rather, Rainbow Media wants to capitalise on Gothamist’s localised, “indie cred” for their IFC and Sundance assets, which have national reach.
The source confirmed that the deal is in the $5 million to $6 million range, but the price will be based on how well Gothamist performs under their new deal.
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