Cablevision Systems Corp. (NSDQ: CVC), a cable company that serves the New York metropolitan area, announced that its cable network holdings will break away from Cablevision on June 30.

AMC, WE TV, IFC and The Sundance Channel, all of which are owned by Cablevision, will become independent entities under a separate network group to be called AMC Networks. Charles Dolan, the founder and current chairman of Cablevision, will serve as the executive chairman of AMC Networks.

Cablevision sharholders will receive one share of AMC Networks Inc., which will trade on Nasdaq under the symbol AMCX, for every four Cablevision share they hold on June 16.

Dolan also serves as the director of The Madison Square Garden Co., which became independent of Cablevision last year.

Cablevision shares were up $1.47, or 4.31 percent, on Tuesday morning.

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