Cablevision in lead to buy Sundance Channel: report

NEW YORK (Reuters) - Cablevision Systems Corp, the New York-based cable operator, is in the lead to buy the Sundance Channel, the New York Post reported on Friday.

The newspaper, citing two sources close to the negotiations, said Cablevision was the high bidder when final offers were submitted two weeks ago.

Cablevision was reported facing competing bids from other companies including Time Warner Inc. and Viacom Inc.

Cablevision and Viacom declined to comment. Sundance Channel and Time Warner could not be reached for comment.

The final purchase price for Sundance Channel is expected to approach $500 million, according to the paper. It said a final decision is expected over the weekend, with an announcement as early as Monday.

Sundance Channel was launched in 1996 and is a joint venture of NBC Universal, Showtime Networks Inc and the actor/director Robert Redford.

(Reporting by Yinka Adegoke and Kenneth Li)