One Equity Partners, the global private equity investment arm of JPMorgan Chase, will become a 49 per cent equity partner in Lionsgate’s TV Guide Network and TVGuide.com.<
One Equity Partners, the global private equity investment arm of JPMorgan Chase, will become a 49 per cent equity partner in Lionsgate’s TV Guide Network and TVGuide.com.
One Equity Partners will pay approximately USD123m in cash for a 49 per cent stake in the network and the TVGuide.com online business. OEP retains the option of buying another one per cent of TV Guide Network and TVGuide.com under certain circumstances.
Allen Shapiro, a media investor, has also joined the partnership and will play an important role in the channel’s growth as chairman of the joint venture, partnering with Lionsgate co-chairman and chief executive officer Jon Feltheimer to lead the channel’s executive committee, supported by Lionsgate’s television management team.
Lionsgate acquired TV Guide Network, which reaches approximately 83 million homes, and online navigation site TVGuide.com on 28 February 2009 for approximately USD250m.
"We are delighted to welcome both One Equity Partners and Allen Shapiro as partners in TV Guide Network and TVGuide.com," says Feltheimer. "Given their longstanding interest in the channel and the alignment of our interests, they are the ideal partners. OEP is a distinguished and well-capitalized firm that shares our vision of building a dynamic entertainment channel driven by Lionsgate-branded content that will prove to be a major force within our industry."
"We are pleased to partner with Lionsgate and Allen Shapiro on these two unique properties within the media landscape," says One Equity Partners managing director Greg O’Hara. "The marriage of Lionsgate’s tremendous content creation and marketing prowess, our financial resources and expertise and Allen Shapiro’s media investment track record form the kind of winning combination that we have sought from day one."
The acquisition of TVGuide.com continues to expand Lionsgate’s online businesses, which include a 42 per cent investment in young men’s site Break Media and a partnership with YouTube for a dedicated Lionsgate channel of filmed entertainment content.
