CBS buys stake in TV Guide Network

Published Mar 27, 2013 at 05:00AM

CBS Corp. has acquired a 50 percent stake in the TV Guide Network for about $100 million, giving the big broadcaster a larger toehold in cable television.

CBS said Tuesday it had entered into a joint venture with the independent film and television studio Lionsgate, which owns the other 50 percent of the channel also known as TVGN. CBS bought out the stake held by One Equity Partners, an investment arm of JPMorgan Chase & Co.

The 32-year-old TVGN is widely distributed — it is available in 80 million homes — but it has stumbled attempting to create an identity after the conversion to digital channels that made the TV Guide channel’s once useful rolling scroll of cable channel program schedules irrelevant.