Cablevision is close to an agreement to buy the Sundance Channel, jointly owned by NBC Universal, CBS, and actor Robert Redford, in a cash and stock deal valued at close to $500 million.

A purchase of Sundance will strengthen Cablevision’s position in the independent-film programming arena as the cable operator already owns another film channel, IFC. At the end of 2007, IFC was available in 42 million homes compared with 28 million for Sundance, according to SNL Kagan.

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