It's official — CBS is now the proud half-owner of TVGuide.com and its affiliated entertainment cable network TVGN. CBS plans to acquire the ownership stake currently held by One Equity Partners, the investment arm of JPMorgan Chase.
CBS Corporation and Lionsgate — the other owner of the two properties — announced the acquisition on Tuesday. According to the companies, the new venture will exploit CBS's programming, production and marketing assets, along with Lionsgate's resources in movies, television and digitally developed content.
Exact details of the deal were not divulged, though an individual with knowledge of the deal told TheWrap last week that the purchase price in the $100 million to $120 million range.
CBS president and CEO Leslie Moonves said that the new deal will allow CBS to "use its content brands" while gaining access to TVGN.
“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,” Moonves said. “Lionsgate, led by my friend [Lionsgate CEO] Jon Feltheimer, is a forward-thinking content company and a great partner for us here. We’re excited to bring CBS’s programming and production assets to the venture, and work with Lionsgate to rebrand and grow a channel that will be increasingly valuable to our carriage partners.”
In addition to its broadcast network CBS and, now,TVGN, CBS Corporation's television properties include the premium cable network Showtime and young-skewing broadcast network The CW.
TVGN, which has shifted more toward original programming recently, reaches 80 million homes. According to Quantcast.com, TV Guide.com receives 6.5 million unique monthly visitors.