The Sundance Channel, a cable station created by Robert Redford in 1996, will be taken over by Cablevision Systems Corp., which also runs the independent movie channel IFC, AMC and WE tv.

Cablevision, based out of New York City, announced Wednesday it had bought the channel for $496 million US.

Redford founded the channel as an offshoot of his Sundance Institute, which runs a major independent film festival near Park City, Utah, every year.

It features independent films, documentaries and original programs and reflects some of the actor-director's concerns, such as the environment, poverty, and justice issues.

Redford has a 10 per cent share in the Sundance Channel. NBC Universal owns 55 per cent while CBS has the other 35 per cent.

It is beamed into 26 million homes in the United States through digital satellite services and private subscription.

Josh Sapan, head of Cablevision's programming, said the company hoped to build upon Sundance's original shows, such as The Green and The Iconoclasts, to further shore up "the uniqueness of the network."

Its AMC channel has won acclaim recently for original series Mad Men and Breaking Bad.

Cablevision also owns the Madison Square Garden sports and entertainment arena, the New York Rangers NHL team, the NBA's New York Knicks, Radio City Music Hall and the Clearview movie theatre chain in the U.S.

With files from the Associated Press