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The Morning BRIDGE - January 6, 2009
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Other articles from the 01/06/2009 issue: |
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Lionsgate to Get TV Guide Properties
1/5/2009 @ 3:19 PM
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Late Monday, Hollywood studio Lionsgate and Macrovision announced a deal in which Lionsgate would acquire the TV Guide Network and TV Guide Online properties from Macrovision for $255 million.
Macrovision said it has terminated its previous agreement to sell the properties. The transaction between Lionsgate and Macrovision is expected to close by Feb. 28, and is subject to customary closing conditions.
The transaction will be funded with Lionsgate's existing cash and available funds and the closing is not subject to financial performance requirements.
Lionsgate Co-Chairman and CEO Jon Feltheimer called TV Guide "tremendous real estate, rarely available, that fits extremely well with our strategy of combining content creation, distribution and direct access to the consumer." He added that the transaction "pairs our vast array of content with a branded channel and online platform available in 83 million homes and is part of our broader strategy of growing our global portfolio of channels to reach audiences worldwide."
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