CBS, Discovery Among Suitors in Sale of Cable Net

Feb 27, 2012  •  Post A Comment

CBS Corp. and Discovery Communications are among the media heavyweights that have shown an interest in buying the TV Guide Network and its companion site, the New York Post reports.

Also joining in the bidding is Andrew Nikou, founder of TV Guide magazine owner Open Gate Capital, according to the report.

The cable channel’s owners, Lionsgate Entertainment and One Equity Partners, hired investment bank Moelis in January to oversee the possible sale of the network, the story notes. The TVGuide.com website has been up for sale since last year.

The channel reportedly could go for as much as $350 million, with the website valued at closer to $50 million, the story says.

The report adds: “Discovery’s cable channels include Animal Planet and TLC in addition to the flagship Discovery Channel. Beyond premium channel Showtime, however, CBS has far less exposure to the cable business.”

Both Discovery and CBS declined to comment for the report.

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