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CBS is now the proud owner of iconic cable channel and TV program recommendation service TV Guide.
The media company announced today that it acquired a 50 percent stake in TV Guide, which includes both the cable channel of the same name as well as TVguide.com. The cable channel is available in over 80 million homes and plays entertainment news alongside a programming grid. But TV Guide’s website stretches far beyond just a simple programming grid, offering content recommendations via mobile apps and entertainment news coverage.
CBS purchased the stake from One Equity Partners, JPMorgan Chase’s private equity firm that initially purchased 49 percent of TV Guide for $122 million back in 2009. However, CBS paid just $100 million in the deal, according to Deadline. The announcement ends speculation that Yahoo would pick up the property as part of its bid to return to its web service roots while helping to push its own media properties.
Under terms of the deal, TV Guide will undergo a rebranding effort and be paired with some of the entertainment news programs owned by CBS Entertainment Tonight, OMG! Insider, etc.).
Image via TV Guide