US private equity firm OpenGate capital has agreed to acquire TV Guide Magazine from publicly listed media technology company Macrovision Solutions.
The Beverly Hills-based firm will pay an undisclosed sum for the entertainment magazine, which boasts more than 20 million weekly readers and covers developments in broadcast, cable and syndicated television shows. The deal is expected to close 1 December and is not subject to Macrovision stockholder approval, according to a statement from Macrovision.
Santa Clara, California-based Macrovision acquired TV Guide in May as part of a $2.8 billion takeover of
TV Guide: new
Gemstar-TV Guide, the magazine’s publisher and parent company. The company said in January when the deal was first announced that it would divest the magazine.
Established in 2005, OpenGate is both internally and externally funded with a capital base of more than $500 million, according to the firm’s website. OpenGate founder and chairman Andrew Nikou formerly managed private equity firm Platinum Equity’s European investment activities.
The firm specialises in corporate spin-offs and divestitures in special situations. TV Guide will be the firm’s only old media company within OpenGate’s publicly disclosed portfolio.
Last year, private equity firm Ripplewood Holdings acquired another US print media stalwart, Reader’s Digest, for $2.1 billion.