In a move that has been rumored for months, Variety reports today that Rainbow Media (which also owns AMC and Independent Film Channel) has acquired the Sundance Channel for $496 million.

According to the story:

Rainbow Media will exchange about 12.7 million shares it owns in GE, tax-free, with a cash adjustment based on the value of the GE shares in relation to the total purchase price. GE will get all of the GE shares, and CBS and [Robert] Redford’s entities will get cash for their stakes.