TV Guide Magazine Sold To OpenGate Capital; Online Still Wth Macrovision
This story was written by Rafat Ali.
Macrovision (NSDQ: MVSN) has finally found a buyer for TV Guide magazine, and it not one of the usual suspects: it has divested the magazine only (NOT online) to LA-based private equity firm OpenGate Capital. Terms of the deal were not disclosed, but it is sure to come out in MVSN's filings sometime soon. It is expected to close by around Dec 1 this year. Details in release.
As we reported first, the online division of TVG will remain with Macrovision, though how the print and online will work together with different ownerships, if at all, remains to be seen. The online network consists of TVGuide.com website and its other online products (which includes jumptheshark.com, tv-now.com, tvshowsondvd.com and fansofrealitytv.com). Macrovision is still in the process of selling the TV network, and that may take a while.
TV Guide Magazine's president Scott Crystal and the management team will remain with the mag. OpenGate was founded in 2005, and had no previous holdings in the media sector. It says it has capital in excess of $500 million.
By Rafat Ali