CBS takes full ownership of TV Guide Digital
CBS buys remaining stake in TV Guide Digital from Lions Gate for undisclosed sum
SAN FRANCISCO (AP) -- CBS Corp. said Friday that it has acquired full ownership of TV Guide Digital, buying the half of the company that it didn't already hold from Lions Gate Entertainment Corp.
The two companies struck a deal in March to jointly own and operate TV Guide's cable network, TVGN, and its digital business, which includes TVGuide.com and TV Guide Mobile.
CBS did not disclose the financial terms of Friday's deal. It adds to CBS's existing digital business, which includes CBS.com, CNET, Last.fm and more. The companies will continue to operate TVGN jointly.
"TV Guide is one of the most-enduring and iconic brands in the world of television and video, and we're proud to welcome TV Guide Digital to the CBS Interactive family," Jim Lanzone, president of San Francisco-based CBS Interactive said in a statement.
TV Guide digital was created in 2006 and its website TVGuide.com now attracts more than 16.5 million visitors and its mobile apps have been downloaded more than 9 million times, according to CBS.
CBS shares slipped 57 cents to $49.73 in late afternoon trading, in line with broader market trends. Shares in Lions Gate, which late Thursday reported quarterly results that topped Wall Street's expectations, jumped more than 3 percent to $28.84.
