Edited press release
British-based Betfair Group Ltd. announced Jan. 27 that it had completed its acquisition of the TV Games Network from Macrovision for $50 million in cash consideration.
TVG is among the most widely-distributed horse racing networks in the world and is also a leading provider of advance deposit wagering services in the U.S. Betfair is the premier e-gaming betting community, with horseracing as its core product. Betfair has twice been named the UK’s "Company of the Year" by the Confederation of British Industry and remains the only betting company to win a Queen’s Award for Enterprise, being recognized for Innovation in 2003 and most recently for International Trade in 2008, and one of only a handful to have won it twice.
"The divestiture of the TVG Network marks another milestone in a set of objectives we set for ourselves when we acquired Gemstar-TV Guide in 2008, and helps to focus our company around the goal of powering a uniquely simple home entertainment experience,” said Fred Amoroso, president and CEO of Macrovision.
Gerard Cunningham, president of Betfair U.S., said: "We are tremendously excited to be the new owners of TVG and look forward to building upon the worldwide experience of Betfair to help grow the business. We believe TVG to be the premium product in the sector, with exceptional staff and loyal customers, and we look forward to working with the horseracing industry to help promote this great sport.”
David Yu, CEO of the Betfair Group Ltd, commented: "We have always been attracted by the operating strength of TVG together with its conservative and prudent regulatory approach. Its values are very much aligned with those of Betfair. We have waited to enter the U.S. market until we had a high quality, and above all, legal product offering, and we believe with this acquisition we have secured those goals.”
