Gemstar-TV Guide International’s shareholders have approved Macrovision’s $2.8 billion purchase of the on-screen program guide provider, officials said Tuesday.
Based on results announced at Tuesday’s special stockholder meeting, more than 90% of Gemstar-TV Guide’s outstanding shares on March 17, the record date for the meeting, were voted in favor of the transaction. The two companies expect the merger to be effective Friday.
Macrovision, which makes digital-rights management products, said in December that it planned to purchase Gemstar-TV Guide in a stock-and-cash deal valued at $2.8 billion.
Macrovision has said it is most interested in Gemstar’s interactive program-guide assets and will explore options for selling TV Guide magazine, TV Guide Network and the TVG horse-racing channel.
The results of the proration procedures outlined in the merger agreement and the final joint proxy statement/prospectus mailed to Gemstar-TV Guide’s stockholders will be announced when they have been completed.