Macrovision Sells TV Guide Mag

Network, TVG Still on Block

By Mike Farrell -- Multichannel News, 10/13/2008 2:34:00 PM

Macrovision said Monday that it has sold TV Guide magazine to private equity group Open Gate Capital for an undisclosed sum.

Macrovision, which purchased TV Guide parent Gemstar-TV Guide International in April for $2.8 billion, said that the sale was consistent with its plans when it first announced that deal in January. The company said at the time that it was focusing on providing technology solutions and that the magazine was not aligned with that strategy.

“A primary goal of the Gemstar-TV Guide acquisition was the consolidation of key technology assets, including the interactive program guides, connected services and device connectivity needed to provide consumers with a uniquely simple digital home entertainment experience. The TV Guide Magazine divestiture marks a significant milestone towards achieving this goal as the streamlined business model improves the company’s ability to execute its strategic plan,” said Macrovision CEO Fred Amoroso in a statement.

Macrovision said that it continues to seek buyers for its other non-core TV guide properties—the TV Guide Network and horse racing channel TVG Network.

Open Gate Capital, based in Beverly Hills, Calif., was formed in 2005 and has invested mainly in technology companies. Included in its portfolio are companies involved in mobile and wireless technology, integrated circuits and computer software.

According to a press release, Open Gate said it would keep current TV Guide Magazine president Scott Crystal will remain in that position.