It's Official: Cbs Buys 50 Percent Of Tvgn
CBS on Tuesday confirmed widespread reports that it had purchased 50 percent of TVGN, formerly the TV Guide Network. The deal provides CBS for the first time with a basic-cable entertainment network that can be used as an outlet for its syndicated programming. As CBS chief Leslie Moonves put it in a statement: 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. CBS reportedly paid about $100 million to acquire the stake held by JPMorganChase's One Equity Partners, which purchased it from Lionsgate in 2009 for about $125 million. Lionsgate remains a half-owner of the channel. The deal also gives CBS half ownership of TVGuide.com. Neither the cable channel nor the Internet site has any connection, other than a historical one, with the TV Guide magazine.