TV Guide Magazine Sold for Second Time in a Year
TV Guide Magazine has been sold for the second time in a year -- this time to private-equity firm OpenGate Capital by Macrovision Solutions Corp. Terms of the deal were not disclosed, but it is expected to close on Dec. 1. Macrovision retains ownership of TVGuide.com.
Macrovision purchased Gemstar-TV Guide earlier this year for $2.8 billion in stock and cash. TV Guide Magazine, however, was "not aligned with [Macrovision's] core corporate strategy," according to the company's announcement.
"A primary goal of the Gemstar-TV Guide acquisition was the consolidation of key technology assets, including the interactive program guides, connected services and device connectivity needed to provide consumers with a uniquely simple digital home entertainment experience," said Fred Amoroso, president and CEO of Macrovision. "The TV Guide Magazine divestiture marks a significant milestone towards achieving this goal as the streamlined business model improves the company's ability to execute its strategic plan."
"I am thrilled to continue the exciting journey leading TV Guide Magazine to new heights," said Scott Crystal, president, TV Guide Magazine. "It is truly an ideal fit, since our new owners are committed to taking TV Guide to the next level in terms of their investment and desire to expand our unique franchise."