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Just a week after acquiring 50 percent stake of TV Guide Network, CBS is sending The Young and the Restless to the network as its new home for cable encores.
The move takes place this summer, marking the conclusion of the soap’s tenure on Soapnet. The series will retain its 7 p.m. day-to-date schedule in the move. The series’ move to TVGN marks the first programming announcement since CBS Corp. and Lionsgate partnered on TVGN television network and TVGuide.com on March 26, with CBS taking its stake from One Equity Partners.
The Young and the Restless, the top-rated daytime drama on U.S. television, recently celebrated 40 years on the air. It’s been #1 for 24 of those years. Produced by Bell Dramatic Serial Company in association with Sony Pictures Television, the series had been getting encore presentations on Soapnet since 2006 — where it was also the top-rated soap.
As a part of the new partnership, TVGN will be home to CBS’ programming, production and marketing assets in addition to Lionsgate’s film and TV resources. It currently reaches more than 80 million homes.
Though financial terms of the CBS deal were not disclosed, The Hollywood Reporter revealed that the company paid roughly $100 million for its stake. That’s down from the $123 million One Equity originally paid Lionsgate to acquire the half share.
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