JPMorgan private equity arm One Equity Partners has lost its agreed $300 million deal to purchase the TV Guide Network and TV Guide Online.
The seller, digital entertainment company Macrovision Solutions, terminated the deal in favor of a $255 million sale to entertainment studio Lionsgate.
One Equity had agreed to pay $255 million for the business, plus up to $45 million in earn-out provisions based on future financial performance.
The firm did not disclose why it terminated the deal with One Equity, but the newly agreed sale is not subject to financial performance requirements and is expected to close on 28 February. The sale to One Equity had been subject to a working capital adjustment at closing and was not expected to close until 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.