TVGuide Magazine is one of the most popular magazines in the country with over 13 million weekly readers. Established more than 60 years ago, TVGuide is the premier source for entertainment news, reviews and information about television programs.


December 2, 2008

Acquired from



Print Media


New York, NY

Transaction type

Corporate Carve-Out


October 7, 2015

Sold to

NTVB Media

Transaction Highlights

Under pressure to divest the magazine before the end of 2008, Rovi sought an acquirer that could move quickly. Through the strong relationships forged with the seller and TV Guide Magazine, OpenGate successfully differentiated itself among competing groups and won the acquisition bid.

Investment Merits

  • Market leading position as a the most recognized publication for television viewing enthusiasts
  • Experienced but misaligned management team
  • Opportunity to transform the magazine from a weekly listings publication, to a premier magazine with new editorial content including reviews and guidance on “what is worth watching” for television viewers
  • Opportunity to return the publication to a state of profitability through operational turnaround, cost optimization, product expansion and diversification


  • Recruited a new CEO and senior management team
  • Aggressively implemented a restructuring plan
  • Eliminated spending on events and programs that did not demonstrate a return on investment
  • Reduced circulation, page count and issue frequency while eliminating unprofitable subscriptions

Value Creation

  • Refocused editorial content, including insightful reviews on programs, interviews with show producers and cast members, and exclusive, behind the scenes stories about the most watched programs on television
  • Expanded digital suite of products through the launch of
  • Developed a custom publishing division for special interest publications
  • Revitalized investment in marketing events through ComicCon
  • Brokered an agreement with CBS (owners of to cross-promote the on-line and print media entities
  • Launched replicas of the magazine via Nook and Kindle


OpenGate returned the TVGuide business from double-digit losses to a state of profitability within first 12 months of ownership and rejuvenated an iconic, American media brand. After nearly seven years of ownership, OpenGate sold the business to NTVB Media as a strategic complement to their portfolio of television-related publications.