The Sundance Channel, a principal outlet for unsold independent feature films and documentaries, has been acquired by New York-based Cablevision Systems for $496 million in stock and cash. The channel had been a joint venture of NBC Universal, CBS Corp., and Robert Redford. Redford, founder of the Sundance Film Festival and the inspiration for the channel, will remain with it, Cablevision said in a statement. Cablevision owns another channel, IFC, that also specializes in independent films. It was unclear whether the two channels would be combined or continue to operate independently. Analysts suggested that the channels could be operated at relatively little cost. "You are seeing a huge glut of unsold movies on the market," SNL Kagan senior analyst Derek Baine told Bloomberg News. "You can have a good pick of independent films for almost nothing."