CBS Acquires Share of Basic Cable Network Deadline
CBS Corp. has announced it’s acquiring a share of a basic cable network. Deadline.com reports that the company revealed it is acquiring 50% of TV Guide, which puts it in a 50/50 partnership with Lionsgate.
TV Guide consists of TVGN -- formerly TV Guide Network -- and the website TVGuide.com.
“The deal adds a basic cable network to its TV portfolio, which includes broadcast networks (CBS and the CW), a pay cable network (Showtime), international TV channels, a TV studio and syndication unit,” Deadline reports.
CBS is taking over the stake in TV Guide that has been held by One Equity Partners -- the private equity arm of J.P. Morgan Chase, the piece reports. One Equity owned 49% of the company and had an option to add another 1%.
“CBS is said to be paying about $100 million, less than the $122 million OEP spent in June 2009,” the story reports. “CBS joins TVGN co-owner Lionsgate Entertainment.”