Cablevision Systems said on Friday that AT&T Corp. will sell 12.765 million Class A tracking shares of Rainbow Media Group.

The shares track Cablevision's non-New York content assets, including networks American Movie Classics, Independent Film Channel and Bravo.

According to a registration statement filed with the Securities and Exchange Commission, Cablevision said it will not receive any of the money from the stock sale. The shares were issued by Cablevision.

AT&T will hold 11.7 million Rainbow Media shares, or 16.2%, after the sale, according to the SEC filing.

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