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Sony has acquired AT&T’s 42% stake in Game Show Network in a transaction with a total value of $500 million.
After the deal, Sony will own 100% of the multimedia entertainment company, whose offerings are anchored by its namesake cable network, which airs original and classic game programming. Game Show Network channel will continue to be carried on AT&T’s DirecTV.
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Mark Feldman will continue as president and CEO of GSN.
Sony is positioning GSN’s suite of game programming alongside its television unit’s established game properties such as Jeopardy! and Wheel of Fortune.
For AT&T, the deal furthers the company’s objective to pay down debt and generate cash from non-strategic assets. The telecom and media giant, still digesting its $81 billion acquisition of Time Warner, has sold off a range of assets from real estate to equipment while also completing a massive restructuring of Time Warner, now known as WarnerMedia.
AT&T will $380 million from the stake sale, before certain transaction-related adjustments, as well as dividends of about $130 million, making the total value of the deal roughly $500 million.
“We’re excited to bring Game Show Network fully into the Sony Pictures Entertainment portfolio,” SPT chairman Mike Hopkins said. “The acquisition allows us to work more closely with the company’s talented team to deliver the best iconic game shows, develop and syndicate new game show IP for audiences across the nation, as well as to advance the fast-growing GSN Games business, all of which directly aligns with our strategy of developing targeted direct-to-consumer offerings.”
Game Show Network TV programming includes originals such as America Says, The Chase, Common Knowledge and Catch 21, syndicated titles including Wheel of Fortune and Family Feud. It also airs classics like The $25,000 Pyramid and Card Sharks. GSN Games’ mobile game portfolio includes GSN Casino, Bingo Bash, Solitaire TriPeaks, and WorldWinner.
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