Parent Hopes to Sell TVG Before Year End

Parent Hopes to Sell TVG Before Year End
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The new parent company of TVG reiterated in a recent conference call its plans to sell the horseracing channel, saying it hopes to do so by the end of the year.

The newly-formed Macrovision Solutions Corp., which is the resulting entity from Macrovision Corp’s $2.8-billion purchase of Gemstar-TV Guide International, said in a May 6 conference call with financial analysts that it plans to “divest” three media properties acquired in the transaction, including TVG.

“As we have previously stated, we are in process of exploring strategic alternatives for all of the media properties: the TV Guide magazine, the horseracing channel (TVG), and the (TV Guide) network,” said Macrovision Solutions Corp. president Fred Amoroso.

Amoroso said the company was “fielding interest for each asset,” and in response to an analyst’s question, said he hoped the company would “get all of the properties fully divested and into their new homes before the end of 2008.”

“TVG is a very unique property, and we have got a tremendous amount of inbound calls on that,” he later said. “We have a number of (non-disclosure agreements) already signed, and are starting that process.”

Amoroso said proceeds from the sale of all properties would go toward the debt incurred in the purchase of Gemstar, which closed May 2.

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