TV Guide Network Not For Sale
Sources tell THR it's TV Guide.com that's looking for a new owner, not the cable channel.
TV Guide.com is on the sales block but not the TV Guide Network, according to sources.
A 50-50 joint venture between Lionsgate, Allen Shapiro (who is running the network and website at present) and One Equity Partners (an investment group that is part of JP Morgan Chase which does private equity placements), TV Guide.com functions as a consumer website. It does not function as a marketing and promotional arm of the TV Guide Network, so it is considered both a non-core asset and expendable.
A corporate spokesperson at Lionsgate declined to make any comment on reports they are seeking an investment bank to test the market for a sale.
The website could go for over $50 million, say sources, especially if it is acquired by a strategic partner who can package it with other consumer sites.
Lionsgate in particular wants to hold on to the network, say the sources, although it too is undergoing a top to bottom examination of its programming, operations and profit potential.
The head of programming at the network recently resigned and Shapiro has been overseeing the next generation of programming himself.