TVG has been classified as a discontinued operation by parent company Macrovision Solutions Corp., which says it in the "final phases" of negotiations to sell the horse racing network.
TVG, which posted partial-quarter net revenues of $8.8 million for new owner Macrovision Solutions Corp. Aug. 7, is still on the sales block. Officials with the parent company said the horse racing network has received multiple inquiries from undisclosed suitors.
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.
Gemstar-TV Guide International announced it has named Ryan O'Hara chief operating officer of its TVG Network.
Wider distribution of TV Games Network through the nation's largest cable provider, Comcast, highlights a new joint venture between the cable company and TVG's parent company, Gemstar-TV Guide.
Henry Yuen, the former chairman and CEO of Gemstar-TV Guide International, parent company of the Television Games Network (TVG), has been charged in a civil lawsuit by the Securities and Exchange Commission with securities fraud, lying to auditors, and falsifying the company's books.
Juddmonte Farms' Empire Maker, who looms a strong favorite for the May 3 Kentucky Derby, has made the cover of a popular mainstream magazine.
Santa Anita heads into its annual meeting Dec. 26 without the television exposure enjoyed by its Southern California counterparts.
California-based Gemstar said it received notice from Nasdaq that it faces delisting because it hadn't filed its most recent quarterly report with the U.S. Securities and Exchange Commission, Reuters news service reported.
Gemstar-TV Guide International posted a second-quarter net loss of $134.8 million (33 cents per diluted share), primarily because of the $223.8-million amortization of intagible assets recorded as part of the acquisition of TV Guide.
Second quarter losses and a failure to fully disclose all financial information at once caused Gemstar-TV Guide stock to tumble. Quarterly results were mixed for the division that operates the TV Games Network.
The stock price of TV Guide Inc., the parent firm of TVG, rose 27.3% Wednesday after the announcement that the company's acquisition by Gemstar International Group Ltd. had been completed.
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