Rainbow has sold its Lifeskool and Sportskool VOD products through separate deals, an unsurprising development considering previous layoffs of about 20 or so people who worked for the pair and Cablevision‘s recent vetting of properties amid Sundance Channel‘s integration and a desire to boost its share price. Offering how-to/ent programming covering numerous categories, the nets were rebranded in Feb ’07. Entrepreneurs Joe Covey and Matthew Davidge picked up Lifeskool, which they will operate under the nets’ previous Mag Rack Ent moniker. Sportskool was acquired by Grace Creek Media, which will work with USA Today Live on instructional videos for the net. RBC Daniels advised Rainbow in the Grace Creek transaction. Financials weren’t disclosed. The new owners will take over current VOD distribution deals. Dan Ronayne, evp & gm of Lifeskool and Sportskool, will remain with Rainbow, but his role has not been announced. Now we’re left wondering what happens to Voom?