Macrovision (MVSN) Reaches Agreement to Sell its TV Guide Magazine Property to OpenGate Capital
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Macrovision Solutions Corporation (NASDAQ: MVSN) has reached an agreement to sell its TV Guide Magazine property to OpenGate Capital. The transaction is expected to close approximately December 1, 2008. The completion of the transaction is subject to customary closing conditions but is not subject to Macrovision stockholder approval.
The divestiture of TV Guide Magazine is consistent with Macrovision's plans, outlined in January 2008 following the company's announcement of the acquisition of Gemstar-TV Guide. Macrovision is focused on providing technology solutions and TV Guide Magazine was identified as a business not aligned with that core corporate strategy. Today's sale of TV Guide Magazine is a continuing step in Macrovision's execution of its strategy and direction.
The TV Guide Magazine business had been previously classified by Macrovision in discontinued operations. No gain or loss will be recognized for financial reporting purposes by Macrovision as a result of this divestiture.[SM]
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