Rainbow formerly owned fifty percent of the cable network Bravo, before selling their half to NBC, giving them full control of the channel. Rainbow also ran the local-minded MSG Metro Channels, before folding them in late 2005. The company had also founded current Orlando, Florida MyNetworkTV affiliate WRBW-TV Channel 65 in 1994, which it eventually sold to Chris-Craft shortly after affiliating with the now defunct UPN.
In 2005, Cablevision considered spinning off Rainbow Media as a publicly traded company, and making their core cable business private, but withdrew the plan. In 2006, a new plan has emerged to privatize all of Cablevision, including Rainbow Media. In January 2007, with no word on if the privatization will go through, Liberty Media expressed interest in acquiring Rainbow Media from Cablevision.
In May 2008, Rainbow Media announced that it had purchased Sundance Channel for $496 million.