Rainbow Media, that gay-sounding TV group actually owned by the macho Dolan family, is adding the Sundance Channel to its portfolio. One wouldn't have thought there was much money in broadcasting obscure documentaries and independent movies. But Sundance Channel reaches 30 million homes and is going to Cablevision unit Rainbow for $496m. One of the beneficiaries: actor Robert Redford, who played a bank robber in Butch Cassidy and the Sundance Kid, and applied the Sundance name to the annual film festival in Park City and the premium cable channel.