Deal Creates New Opportunities for Growth, Expansion for Established Media Brand
NEW YORK, NY – December 2, 2008 – TVGuide Magazine today announced the closing of its acquisition by OpenGate Capital. Under the terms of the agreement, OpenGate Capital acquired the TVGuide Magazine property from Macrovision Solutions Corporation (NASDAQ: MVSN), becoming the new owner of TVGuide Magazine.
“TVGuide Magazine is a celebrated media brand with a robust history of providing the television and entertainment community and the general public with cutting-edge, rich content and industry news” said Andrew Nikou, Founder and Managing Partner of OpenGate Capital. “We look forward to working with the company’s management and editorial divisions to grow the brand in new and innovative ways.”
OpenGate has acquired TVGuide Magazine at an important moment in the company’s continued expansion. With the launch of TVGuideMagazine.com slated for early 2009, the company is poised to capture new markets and expand its reach to new audiences.
Nikou added, “Under the leadership of Editor-in-Chief Debra Birnbaum and the talented editorial team, TVGuide Magazine will continue to serve as the definitive source for television and entertainment news. We are eager to take advantage of the many opportunities created by the constantly evolving media and entertainment industries.”
About TVGuide Magazine
TVGuide Magazine is one of the most popular weekly magazines in the country with more than 20 million weekly readers. From behind-the-scenes looks at broadcast, cable, and syndicated shows and their stars and characters; to sneak peeks at television’s most intriguing plotlines, TVGuide Magazine has every corner of the television medium covered. TVGuide Magazine is the premier source for entertainment news, guidance, and information about America’s most popular leisure time activity.