Bethpage, N.Y. - Cable TV service provider Cablevision's (NYSE: CVC) Rainbow Media Holdings announced on Tuesday that it has completed its $496 million acquisition of Sundance Channel from previous owners NBC Universal, Showtime Networks and entities controlled by Sundance founder Robert Redford.

The deal was initially announced in early May.

Founded in 1996, the Sundance Channel now counts nearly 30 million subscribers.

"Rainbow has experienced firsthand how impressive original programming like Mad Men and Breaking Bad can distinguish a network's brand," Rainbow Media president and CEO Joshua Sapan remarked at the time the deal was announced.

"Sundance Channel has already established its own distinct voice through impressive programming like The Green and Iconoclasts and our vision is to build on this type of original content, further strengthening the uniqueness of the network."

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