CBS Corp (CBS.N) and Lionsgate (LGF.N) 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 (JPM.N). 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 statement.
TVGN is available in more than 80 million homes.
(Reporting by Jennifer Saba, editing by G Crosse)