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Rainbow Media Buys Gothamist

Rainbow Media Buys Gothamist

Rainbow Media owns IFC, AMC, and Sundance Channel, so why not a blog network too? PaidContent reports that the Cablevision-owned media company is acquiring Gothamist and its several regional affiliates (such as Austinist, Bostonist, etc.). Seems like they could have made headlines by announcing this at the IFC-sponsored SXSW conference last week, but maybe the deal couldn’t get done in time. From the PaidContent report:

The price is between $5 million to $6 million, though we understand a good portion of that is a performance-based earnout… Spoke to a company source, that confirmed that the deal is about to close soon. The source clarified that the acquisition has nothing to do with Newsday, but is focused on strengthening indie-local franchise for Sundance and IFC.

Gothamist was founded in 2003 by publisher Jake Dobkin, then over the years expanded into other cities such as Chicago, LA, DC, Austin and others, for a total of 14. Both Dobkin and Rainbow’s PR had a “no-comment” on our query.

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