Lionsgate Entertainment has received antitrust approval from the U.S. Federal Trade Commission Tuesday for its purchase of the TV Guide Network.
Lionsgate reached an agreement with TV Guide owner Macrovision Solutions in January to purchase the network, which is available in 83 million homes, for $255 million in cash. The Lionsgate deal trumped an earlier agreement with former Dick Clark Productions CEO Allen Shapiro and One Equity Partners. While the Lionsgate offer was also for $255 million, Macrovision said it selected the movie studio because it vowed to close the transaction at an earlier date - Feb. 28 vs. March 31 for Shapiro and One Equity.
Lionsgate, which also produces cable programming like Mad Men for AMC and Weeds for Showtime, had said it would use the channel as the launching pad for additional acquisitions down the road.