Date: 2nd January 2001

Is Diller's Pot At End Of Rainbow?

Barry Diller's USA Networks has denied published reports that it is in final talks to purchase Rainbow Media Group, the programming arm of Cablevision Systems.

"It's not true that we've placed a bid," USA Networks spokeswoman Adrienne Becker told Bloomberg News. Broadcasting & Cable magazine reported today (Tuesday) that Diller had offered $4.2 billion for Rainbow, with only such matters as the amount of cash, stock and assumed debt will be incorporated into the deal.

Today's New York Times said that Cablevision hopes to get $5 million for the unit.

Source: Studio Briefing