It's Official: CBS Buys 50% of TVGN, Rebranding on the Way

Premium Content

CBS and Lionsgate confirmed Tues that they have entered into a 50/50 partnership for TVGN and the website TVGuide.com. The move came a little over a month after the net, formerly TV Guide Network, announced it will change its name to TVGN as part of its mission to shift fully away from the channel scroll and into an entertainment net. Currently in 80mln homes, the net will continue to be entertainment-focused, with rebranding and a new programming strategy coming. The venture will combine CBS' programming, production and marketing assets with Lionsgate's resources in digital content, TV and motion pictures. Under the deal, CBS will acquire the ownership interest currently held by One Equity Partners, the private equity investment arm of JPMorgan Chase. The deal closed at signing Tues. “This is a strategic way for CBS to use its content brands and gain access to a highly distributed basic cable network that has a lot of upside,” said Les Moonves, CBS pres/CEO. “We couldn't be in business with a better blue-chip strategic partner than CBS or a more visionary CEO than our friend Les Moonves,” said Lionsgate CEO Jon Feltheimer and vice chmn Michael Burns in a joint statement. Moelis & Company and Wachtell, Lipton, Rosen and Katz advised TVGN on the transaction. TV Guide magazine isn't part of the deal. The reported price tag is just under $100mln. Lionsgate bought TV Guide for about $255mln in '09 and sold One Equity a 49% stake later that year for about $120mln. Since the purchase, Lionsgate has worked on beefing up the net by adding original programming such as “Nail Files” and “Hollywood Girls Night.”

Featured Stories

Featured Stories

Curated By Logo