Cablevision plans to spin off its Rainbow Media subsidiary, as publicly-traded AMC Networks, later this year.

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The move would give more flexibility to both itself and Rainbow Media, Cablevision said.

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Rainbow Media owns the cable networks AMC, WE, IFC, Sundance Channel, Wedding Central and IFC Entertainment.

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Joshua Sapan, chief executive of AMC parent Rainbow Media, is the first to admit award-show praise has little financial impact.

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AMC, until recently known as Rainbow Media, includes a variety of cable channels, including AMC, IFC, Sundance Channel and We TV.

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And on July 1, 2011, Cablevision completed the spinoff of its Rainbow Media programming unit, which went public as AMC Networks (AMCX).

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Shapiro, who maintained a "buy" rating on Cablevision shares, also said potential asset sales, including all or part of the company's Rainbow media property, could generate future cash.

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