Santa Clara, Calif. (12/17/2008) — Macrovision Solutions Corporation, a digital entertainment technology leader, today announced it has reached an agreement to sell its TV Guide Network property to Allen Shapiro and One Equity Partners for approximately $255 million in consideration, subject to a working capital adjustment at closing, plus up to an additional $45 million payable through earn-out provisions through 2012. The transaction, expected to close no later than April 1, 2009, includes the TV Guide Online (tvguide.com) business, certain indemnifications and is subject to customary closing conditions.
TV Guide Network is the 19th most distributed network and available in 83 million homes. TV Guide.com is one of the fastest-growing online entertainment destinations with over 15 million monthly unique visitors.
“Today’s announcement further demonstrates our ability to execute against our business plan. We remain committed to delivering leading interactive program guide technology, data solutions and video search capability as key ingredients to the future of the digital home. This divestiture will further streamline our business operations and once again demonstrates our ability to execute on Macrovision’s vision of providing consumers with a uniquely simple home entertainment experience,” said Fred Amoroso, President and CEO of Macrovision. “Furthermore, we continue to make progress towards our goal of divesting TVG Network, our horse racing wagering channel, which we expect to sign in early 2009.”
“I believe the TV Guide Network and tvguide.com are unique properties in the media landscape,” said Allen Shapiro. “These assets and brands are extremely difficult to replicate and create significant opportunities for sustained growth. We are very enthusiastic about working with One Equity Partners to execute on our vision.”
“We are excited to partner with Allen Shapiro on this transaction” said Greg O’Hara, a Managing Director of One Equity Partners. “With Allen’s expertise and impressive track record with media investments, we believe this acquisition will serve as a platform for other acquisitions across the entertainment and digital landscape.”
Ryan O’Hara, President of TV Guide Network added: “Over the last few years, the TV Guide Network team has made great strides in transforming the property into a fully distributed entertainment focused network that will continue to develop and prosper. This transaction is really a win for all constituents.”