There are reports that Cablevision (NYSE: CVC) has renamed its Rainbow Media Unit and called it AMC Networks, as it intends to spin off the collection of properties.

The company also announced that Josh Sapan would be its CEO.

The unit is composed of cable channels IFC, WE tv, Sundance and AMC, as well as an indie film business, international programming arm and Rainbow Network Communications.

At last check, shares of Cablevision were off 47 cents to $35.15, a loss of 1.3%.