Macrovision Closes Acquisition Of Gemstar-TV Guide
With $2.8 Billion Merger Completed, Macrovision Will Look To Sell Magazine, Networks
By Todd Spangler -- Multichannel News, 5/2/2008 7:17:00 AM MT
Macrovision announced Friday that it has completed its $2.8 billion acquisition of Gemstar-TV Guide International, with the resulting company—Macrovision Solutions Corp.—now focused on bringing together interactive program guides, connected services and device connectivity.
Gemstar-TV Guide shareholders approved the deal earlier this week. Macrovision, which develops digital rights management products, announced its plan to acquire Gemstar-TV Guide in December.
“As the digital entertainment industry has recently evolved, we have focused our efforts on enabling our customers to respond to the demand for open, easy-to-use and integrated capabilities that deliver on the promise of the digital home,” Macrovision president and CEO Fred Amoroso said in a statement.
“Gemstar-TV Guide adds important capabilities to our existing portfolio and roadmap for the digital entertainment market,” he added. “The combination of the two organizations extends the offerings that support the entire value chain associated with providing and managing consumer and commercial content while driving the advancement of the connected home.”
Macrovision has said it is most interested in Gemstar’s IPG assets and will explore options for selling TV Guide magazine, TV Guide Network and the TVG horse-racing channel.
According to AP, several editors from TV Guide magazine, including editor-in-chief Ian Birch, were laid off this week in preparation for the closing of the sale.
As of May 5, the common stock for each of Macrovision and Gemstar-TV Guide will cease to be traded and will no longer be quoted on NASDAQ.
Shares of Macrovision Solutions Corp.’s common stock will begin trading on NASDAQ on Monday, May 5. To retain the ticker symbol "MVSN," which was Macrovision's former ticker symbol, the combined company will initially trade under the temporary ticker symbol "MVSND." On June 2, the "D" will be removed and the shares will resume trading under the symbol "MVSN."
In accordance with the transaction, on an outstanding shares basis, former Macrovision stockholders now own approximately 53% and former Gemstar-TV Guide stockholders own approximately 47% of Macrovision Solutions Corp.
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Tv guide network should laid off useless manager just sitting round. Starting with Greg Hughes...
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