TV Guide Network has been sold for 255 million dollars to Allen Shapiro and One Equity Partners.
Macrovision Solutions Corp. reached an agreement to sell the the cable channel, distributed in 83 million homes. Included in the deal is tvguide.com.
The deal is expected to close on April 1, 2009. UBS Investment Bank worked on the deal for Macrovision, which is a provider of interactive program guide technology.
Shapiro was most recently president of Mosaic Media Group and CEO of Dick Clark Productions.
Ryan O’Hara president of TV Guide Network, could not comment on the prospect of lay-offs or future plans of the new owners, but said: “It was a good transaction for all involved. The network is a fully distributed listings and entertainment programming channel and that makes it attractive.”
The network is about to hit the high point of its year with red carpet coverage of the upcoming awards shows in the first quarter of 2009.
Macrovision will retain ownership of the TV Guide listings grid which is also sold to newspapers. TV Guide will then lease that information from Macrovision for its Website.