March 26 CBS Corp and Lionsgate
have formed a joint venture to operate the entertainment cable
network TVGN and the website TVGuide.com, the companies
announced on Tuesday.
CBS said it acquired the 50 percent stake in the cable
network and website from One Equity Partners, the private equity
investment arm of JPMorgan Chase. Terms of the deal were
not disclosed, but earlier reports said CBS was expected to pay
about $100 million for the stake.
The partnership gives CBS, which already operates a sports
network, an entree to an entertainment-focused cable channel.
"We're excited to bring CBS's programming and production
assets to the venture, and work with Lionsgate to rebrand and
grow a channel that will be increasingly valuable to our
carriage partners," CBS Chief Executive Leslie Moonves said in a
TVGN is available in more than 80 million homes.