One Equity buys TV Guide Channel for $300m

Macrovision has divested the TV Guide Network and TV Guide Online in a sale to the JPMorgan unit two months after selling TV Guide Magazine to private equity firm OpenGate Capital for $1.

JPMorgan private equity arm One Equity Partners has agreed to purchase the TV Guide Network and TV Guide Online for $300 million from digital entertainment company Macrovision solutions.

Allen Shapiro, formerly president of Mosaic Media Group and chief executive of Dick Clark Productions, participated alongside One Equity Partners in the transaction, which is expected to close by 1 April.

Macrovision had acquired the TV Guide business in May as part of a $2.8 billion takeover of Gemstar-TV Guide. The company then sold TV Guide Magazine to private equity firm OpenGate Capital for the symbolic price of $1 in October and expects to announce the divestiture of horse racing wagering network TVG Network in early 2009.

One Equity Partners, which was established in 2001, manages a total of $8 billion of private equity investments and commitments across sectors including defense, chemicals, healthcare, technology and manufacturing.

The firm earlier this month completed the purchase of Johnson & Johnson’s professional wound care business, agreed in July, for an undisclosed amount. In August, One Equity agreed to participate in a $155 million PIPE funding for colour-service provider X-Rite alongside Sagard Capital Partners and Tinicum Capital Partners.