Rainbow Media Holdings Inc, the Cablevision-owned outfit which manages US cable channel The Independent Film Channel (IFC), has acquired a 5% equity stake in entertainment website IFILM. Rainbow will provide IFILM with on-air promotional time on IFC and the two will exchange content and cross-promote through their web, television and print properties.

As part of the agreement, IFC will pay IFILM to develop and produce 26 half-hour episodes annually of a hosted magazine-style TV show for IFC focusing on the world of independent film and independent film production. The series, which will air evenings from spring 2001, will originate from IFILM's headquarters in Hollywood.