Rainbow buys into Salon

Media Holdings unit eyes TV series, synergy

Cablevision Systems Corp.’s Rainbow Media Holdings unit announced Monday that it will acquire a 10% stake in Salon.com in exchange for advertising and promotion valued at $11.8 million.

Under a 10-year strategic equity agreement, Salon.com will develop a weekly television series expected to launch in 2000 on Rainbow’s Bravo network. David Talbot, Salon.com’s founder, chairman and editor-in-chief, will oversee the development of Salon.com’s television programming, working with Rainbow execs, as well as Salon.com board members Norman Lear and former CBS president Jim Rosenfield.

The two companies plan joint advertising sales on the new Bravo series, as well as on each other’s Internet properties. The goal of the deal is “to share content and to provide consistent demographics to media buyers,” said Josh Sapan, president and CEO of Rainbow Media Holdings, Inc.

Salon.com and Bravo Networks will exchange content and cross promote throughout their web properties. Salon.com will also provide its reporters to Rainbow’s MetroChannels, three channels dedicated to the New York Tri-State area.

Salon.com closed Monday at 7 1/4, up 3/8. Cablevision Systems Corp. closed at 75 11/16, up 1 3/8.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety