Macrovision Sells TV Guide13 Oct, 2008 By: Erik Gruenwedel
Macrovision Corp. Oct. 13 said it reached a deal to sell venerable TV Guide magazine to OpenGate Capital, a Los Angeles-based private equity firm, for an undisclosed price.
The transaction is expected to close Dec. 1.
Santa Clara, Calif.-based Macrovision, which acquired parent Gemstar-TV Guide International last December in a cash and stock deal valued at $2.8 billion, said the weekly consumer magazine never figured in its strategic plan going forward.
Macrovision said it eyes Gemstar’s interactive technologies, including program guides and related connected services, for a suite of home entertainment products that will help consumers search and access online movies, videos, TV shows, music and photos.
“The TV Guide divestiture marks a significant milestone towards achieving that goal,” said Fred Amoroso, president and CEO of Macrovision.