TVG Sale Now Targeted for 2009
by Ryan Conley
Date Posted: 12/18/2008 4:41:56 PM
Last Updated: 12/20/2008 3:38:49 PM
In announcing a deal to sell its TV Guide Network for $255 million, Macrovision Solutions Corp. said Dec. 18 it also hoped to reach a deal to sell the TVG horse racing network in early 2009.
Macrovision Solutions said it sold a pair of TV Guide Network properties to Allen Shapiro and private equity firm One Equity Partners for $255 million, plus the possibility of an additional $45 million based on earnings targets through 2012.
In a press release announcing the deal for the cable listing channel and its companion Web site, TV Guide Online, Macrovision president and chief executive officer Fred Amoroso also provided a one-sentence update on the sale of TVG.
“Furthermore, we continue to make progress toward our goal of divesting TVG Network, our horse racing wagering channel, which we expect to sign in early 2009,” Amoroso said.
Macrovision, which designs software that prevents the copying of videos, acquired the TV Guide properties and TVG earlier this year when it bought out Gemstar-TV Guide International Inc. for $2.3 billion. The company earlier said it hoped to divest all of the TV Guide properties and TVG before the end of 2009.
The company, which bought Gemstar for its programming data, sold TV Guide magazine to OpenGate Capital for an undisclosed sum in October.
Excluding the TV Guide Network business, Macrovision said it expects adjusted earnings next year to come in at $1.15 to $1.45 per share with sales of $435 million to $475 million.
Macrovision shares closed Dec. 18 trading on the NASDAQ board at $11.73, up 6.5%.
(The Associated Press contributed to this article)
Copyright © 2014 The Blood-Horse, Inc. All Rights Reserved.