Lionsgate steps in for TV Guide
January 7, 2009
In a surprise last minute move, Lionsgate has stepped in to snap up TV Guide Network and its web presence after the owners had agreed to sell to TV producer Allen Shapiro and One Equity Partners. The news sees owner Macrovision Solutions Corp. selling the company for $255 million to the Hollywood studio. The sale price is essentially the same as the previous deal. In a statement Macrovision president and CEO Fred Amoroso, says: “This transaction improves the probability and the timing of closing the transaction.” Amoroso continues, “Throughout our divestiture process, speed, certainty to close and the overall terms of the transaction have been important considerations for us.”
Lionsgate co-chairman and chief executive, Jon Feltheimer said “This is tremendous real estate, rarely available, that fits extremely well with our strategy of combining content creation, distribution and direct access to the consumer.”