Cablevision is closer to finalizing a deal to sell its Bravo cable channel to NBC in a deal valued at about $1.25 billion, said people close the matter.
The two companies, which have been discussing a deal for weeks, are in the late stages of negotiations. If talks remain on track, an announcement could come within days.
But, sources cautioned, final details are being negotiated and the deal could still fall apart.
Once the Bravo deal is completed, Cablevision’s next move could be to sell the American Movie Classics channel. The company has already held talks about an AMC sale with Metro-Goldwyn-Mayer Inc., which owns a 20 percent stake in Rainbow Media Holdings.
Rainbow, which is controlled by Cablevision, includes Bravo, AMC, WE Women’s Entertainment and the Independent Film Channel. NBC also owns about 21 percent of Rainbow.
Meanwhile, Viacom chief Sumner Redstone told a gathering of investors in New York yesterday that he would be interested in Rainbow’s cable channels.
Under the scenario being discussed, NBC would swap all or part of its Rainbow stake for Bravo. There would likely be a cash component of the deal, but it is unclear how big it would be.
Cablevision declined comment. A spokesperson for NBC could not be immediately reached for comment.
Cablevision is in need of cash to close an expected funding gap next year. It also has ambitious plans for satellite television, and sources close to the company say Cablevision has an asset sales plan in the works to fund a sat-TV rollout next year.
This week, Cablevision agreed to buy several satellite frequencies from EchoStar, which is trying to finalize a merger with DirecTV. By transferring spectrum to Cablevision, EchoStar hopes to placate regulators’ concerns that the merger would be anti-competitive.