Lionsgate Purchasing TV Guide Network
Fri, 09 Jan 2009 13:45:53
Lionsgate has cut a deal to purchase the TV Guide Network cable channel and TV Guide Online from Macrovision. Lionsgate will acquire the properties for $255 million. Investor Allen Shapiro was originally slated to purchase the properties for the same price three weeks ago but that deal was eventually terminated in favor of the Lionsgate deal. The TV Guide Network is available in 83 million cable and satellite homes.
Lionsgate is expected to pay cash for the network and the deal should close by February 28. Lionsgate seeks to boost its presence in the domestic cable television sector with this purchase, which will represent its first wholly-owned property. It is targeted toward a young female demographic.
Lionsgate already shares a partnership with Sony Pictures and Comcast for Fearnet, the video-on-demand horror channel. The company also linked up with MGM and Paramount Pictures last year for a pay TV channel, Epix. Epix is scheduled to launch in October of this year.
—The ARTISTdirect Staff