Macrovision Sells TV Guide Net in $300M Deal
Divestiture comes two months after sale of print edition.
Macrovision, the Santa Clara, California-based digital software solutions firm, has reached an agreement to sell the TV Guide Networkâ€”including TVGuide.comâ€”to Allen Shapiro and One Equity Partners for an initial payment of $255 million, the company announced Thursday.
Up to an additional $45 million in "earn-out" can be paid through 2012, the company said.
According to Macrovision president and CEO Fred Amoroso, the divestiture â€świll further streamline our business operations.â€ť The deal is expected to close April 1.
One Equity Partners manages $8 billion of investments and commitments for JPMorgan Chase & Co. Shapiro most recently served as president of Mosaic Media Group.
In October, Macrovisiion sold the print edition of TV Guide to Beverly Hills, California-based investment firm OpenGate Capital for $1, keeping the Web site. As part of the financial terms, Macrovision was to loan OpenGate up to $9.5 million at 3 percent interest.
In April, Gemstar-TV Guide stockholders approved the companyâ€™s merger with Macrovision, which agreed last December to acquire Gemstar for $2.8 billion in cash and stock.