CBS Joins Lionsgate in TV Guide Network Ownership

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CBS Corp., which already enjoys the largest viewership among U.S. commercial tv networks and boasts ownership of premium cable channel Showtime, has purchased a 50 percent stake in the 32-year-old TV Guide Network ("TVGN") from JP Morgan Chase & Co.'s One Equity Partners.

CBS will share ownership of TVGN with Lionsgate Entertainment, which bought TVGN in 2009 for a reported $241.6 million (later unloading a 49 percent share to One Equity Partners), a heftier price tag than the roughly $100 million CBS doled out for its half-share, according to accounts in the Los Angeles Times, Bloomberg News and Deadline.com Web site. TVGN, which reaches 80 million homes, has made an awkward shift in the past four years from a combination of infomercials and scrolling grid of tv program listings, to the grid and reruns of enterainment programming such as Who's the Boss?, Designing Women and Dharma & Greg. Far from "must-see" television, though in fairness, TVGuide.com has been robust, growing to more than 25 million monthly online visitors, according to Deadline.com.

Lionsgate is the force behind cable tv hits, including Weeds, Mad Men and Nurse Jackie.