The suspense in indie film circles is over. Rainbow Media, the programming arm of Cablevision, is paying $496 million for Robert Redford's Sundance Channel.

The 12-year old channel that programs independent films and environmental shows reaches 30 million homes. Redford is selling his stake, but says he will stay on with the network— but beyond his marquee value, his role is unclear.

The Sundance Channel has produced original series such as “Iconoclasts,” a conversation series pairing two controversial people, and the environmental series “The Green.”

Sundance’s executive vice president Laura Michalchyshyn promises:

Our heritage will always be dedicated to features and documentaries.