New York – CBS Corporation (CBS) and Lionsgate announced that they have entered into a 50/50 partnership for the entertainment cable network TVGN and its website TVGuide.com. The basic cable network will continue to be entertainment-focused, with a specific rebranding and programming strategy to be announced at a later date.
The venture will combine CBS’s programming, production and marketing assets with Lionsgate’s resources in motion pictures, television and digitally delivered content. Under the terms of the deal, CBS will acquire a 50% stake in TVGN and TVGuide.com. CBS also plans to purchase the ownership interest currently held by One Equity Partners (OEP), the global private equity investment arm of JPMorgan Chase. The deal has since closed.
“This is a strategic way for CBS to use its content brands and gain access to a highly distributed basic cable network that has a lot of upside,” says Leslie Moonves, President and Chief Executive Officer, CBS Corporation. “Lionsgate, led by my friend Jon Feltheimer, is a forward-thinking content company and a great partner for us here. We’re excited to bring CBS’s programming and production assets to the venture, and work with Lionsgate to rebrand and grow a channel that will be increasingly valuable to our carriage partners.”