Monday, Macrovision Solutions Corp. (MVSN), revealed plans to sell its TV Guide Magazine property to OpenGate Capital, a Beverly Hills-based private equity firm. The company noted that the move was a part of a continuing step to focus more on its core activities of technology solutions.
The company said the transaction is expected to be complete by December 1, 2008, and not subject to the approval of its stockholders.
Macrovision said that the TV Guide Magazine business had been previously classified in its discontinued operations, and that no gain or loss will be recognized for financial reporting purposes as a result of this divestiture.
Earlier this year, the Santa Clara, California-based company completed the acquisition of Gemstar-TV guide, which it believes will consolidate its key technology assets, including the interactive program guides, connected services and device connectivity.
Scott Crystal, president of TV Guide Magazine is however expected to continue in the same position with OpenGate Capital.
Andrew Nikou, founder & managing partner of OpenGate Capital, said, "We are excited that Scott will lead the way as we build upon this success by investing in OpenGate Capital's media and entertainment platform."
MVSN ended Monday's regular trading at $13.67, up 11.59% or $1.42, on a volume of 120 million shares on the Nasdaq. In the after-hours trade, the stock lost 3.74% or $0.51, trading at $13.1589.
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