NEW YORK, March 22 CBS Corp is nearing
an agreement to purchase about half of TV Guide Network,
according to various media reports on Friday.
The New York-based mass-media company is expected to pay
about $100 million to buy out the TV Guide Network stake held by
One Equity Partners, the private-equity arm of J.P. Morgan Chase
& Co, the Wall Street Journal reported, citing people
familiar with the matter.
OEP owns 49 percent of TV Guide Network, with an option to
buy another 1 percent. The report said a deal could be announced
as early as next week.
Independent film and television distributor Lions Gate
Entertainment Corp purchased TV Guide Network and TV
Guide Online in 2009 for roughly $255 million and later sold the
stake in both properties to OEP.
Lions Gate declined to comment. CBS was not immediately
available for comment.
The news was first reported on entertainment-focused website