The buyer issued a statement. Context!:
“Macrovision’s recent disclosure of the terms of the sale of TV Guide need to be taken into perspective, given the magazine’s history and unprecedented relaunch in 2005.”
Wow. Had I known that this was the going price I would have gotten a couple of friends to chip in with me and outbid them. And, oh, full disclosure, I worked for the company.
AdAge.com: How much is TV Guide magazine worth in a morphing media business and molten credit markets? Try $1.
That’s how much the private equity fund OpenGate Capital has agreed to pay Macrovision for the unprofitable magazine and all its liabilities. The cover price, by way of comparison, is $2.99.
…Macrovision is loaning OpenGate up to $9.5 million to help get going — at a very friendly 3% interest.
…The terms were not disclosed when Macrovision said Monday it had struck a deal with OpenGate, but emerged in a Macrovision filing to the Securities and Exchange Commission yesterday.
For Macrovision, the deal clears from its books a money-losing print magazine and its 3 million subscribers who need to be serviced.
…It acquired the title when it bought Gemstar-TV Guide for its digital assets last January. But the magazine lost about $20.3 million in 2007
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