Beverly Hills, CA – October 13th, 2008 – OpenGate Capital, a Beverly Hills-based principal investment firm, announced today a definitive agreement to acquire TV Guide Magazine from Macrovision® Solutions Corporation (NASDAQ: MVSN).
OpenGate’s Founder and Managing Partner Andrew Nikou stated, “TV Guide Magazine is a powerful media brand that serves the television and entertainment community by providing a combination of breaking news, behind-the-scenes features and photos, and exclusive stories on television’s biggest shows and stars.” Mr. Nikou added, “TV Guide Magazine’s management team has done an outstanding job leading the unprecedented transformation of this entertainment industry icon. We are excited to build upon this success by investing in OpenGate Capital’s newly-formed media and entertainment platform.”
“I am thrilled to continue the exciting journey leading TV Guide Magazine to new heights,” said Scott Crystal, President, TV Guide Magazine. “It is truly an ideal fit since our new owners are committed to taking TV Guide to the next level in terms of their investment and desire to expand our unique franchise.”
About TV Guide Magazine
TV Guide Magazine is one of the most popular weekly magazines in the country with more than 20 million weekly readers. From behind-the-scenes looks at broadcast, cable, and syndicated shows and their stars and characters; to sneak peeks at television’s most intriguing plotlines, TV Guide Magazine has every corner of the television medium covered. TV Guide Magazine is the premier source for entertainment news, guidance, and information about America’s most popular leisure time activity.
About OpenGate Capital
OpenGate Capital is an opportunistic private equity firm that acquires controlling interests in businesses with solid fundamentals which exhibit opportunities for operational improvements and growth. Established in 2005, OpenGate Capital has a global footprint with headquarters in Beverly Hills, California and a principal office in Paris, France. OpenGate is served by a seasoned team of M&A and operating professionals that bring the skills needed to acquire, operate and build successful companies. The partners of OpenGate have executed over 50 transactions worldwide ranging from corporate divestitures, turnaround acquisitions, industry consolidations and other special situations investments across a wide array of industries and geographical markets.
For more information on OpenGate Capital, please visit our website at www.opengatecapital.com.
Source: OpenGate Capital