Sony Pictures Entertainment has bought out AT&T’s minority stake in the Game Show Network (GSN), giving the studio 100% ownership of the cable network.
AT&T owned 42% of the channel, with Sony making up the rest. In connection with the transaction, AT&T received approximately $500 million, including proceeds for its equity stake valued at $380 million (before transaction-related adjustments) and dividends of approximately $130 million.
GSN will continue to be managed by Sony Pictures Television, with Mark Feldman continuing as President and CEO.
“We’re excited to bring Game Show Network fully into the Sony Pictures Entertainment portfolio,” said Mike Hopkins, Chairman, Sony Pictures Television. “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.”
Following the transaction, GSN will continue to be carried on DirecTV.
GSN programming includes originals such as “America Says,” “The Chase,” “Common Knowledge” and “Catch 21,” along with re-runs of “Wheel of Fortune” and “Family Feud,” and classics including “The $25,000 Pyramid” and “Card Sharks.” SPT is the distributor on “Wheel of Fortune.”
Read original story Sony Pictures Entertainment Buys Out AT&T’s Stake in GSN At TheWrap