Lionsgate said it will sell a 49% stake in TV Guide Network - which it recently acquired from Macrovision Solutions -- to JPMorgan Chase's private equity arm and TV producer Allen Shapiro for about $123 million in cash.
Under the terms of the deal, One Equity Partners, the global private equity investment arm of JPMorgan Chase, will become a 49% equity partner in Lionsgate's TV Guide Network and TVGuide.com. One Equity Partners retains the option of buying another 1% of TV Guide Network and TVGuide.com under certain circumstances.
Lionsgate completed the acquisition of TV Guide Network, which reaches approximately 83 million homes, in February for approximately $255 million.
Shapiro will be named chairman of the joint venture, and along with Lionsgate co-chairman and CEO Jon Feltheimer will lead TV Guide Networks' executive committee.