MGM Holdings Inc. has a deal in the works to assume full ownership of the premium channel Epix for about $1 billion, Reuters reports. The deal would have MGM acquiring the 81% of the channel that it does not already own from partners Viacom Inc. and Lionsgate Entertainment Corp.
“The deal is expected to boost MGM’s TV business as it seeks to build a stronger platform to distribute its content,” Reuters reports. “Viacom currently owns half of Epix, while Lionsgate has a 31.2 percent stake.”
Epix reportedly reaches about 14 million subscribers, and has shows indlucing “Berlin Station” and “Graves.”
“Paramount Pictures and Lionsgate will continue to provide their first-run theatrical releases to Epix under multi-year agreements, the companies said in a joint statement,” Reuters adds.
The deal is expected to close by the end of this month.