OpenGate buys TV Guide for $1

Macrovision sells struggling magazine for cheap

A dollar won’t buy you a cup of coffee these days, but it will buy you TV Guide. No, not an issue of the weekly mag — those go for $2.99 — but the entire publication.

Yep, $1. The eye-popping sale price was disclosed Thursday in a Securities and Exchange Commission filing from TV Guide owner Macrovision, which revealed it had struck a deal to sell the magazine to venture capital firm OpenGate Capital on Monday (Daily Variety, Oct. 14).

In fact, the deal is even sweeter for OpenGate because Macrovision has also agreed to give the firm a $9.5 million loan to help it run the magazine for the next few years. And who said the credit markets were tight? The loan comes with a 3% interest rate and is due in 2014 — not exactly stringent terms.

The $1 sale price for TV Guide brings to mind the sale of another once-venerable journo brand: United Press Intl., which was unloaded for a buck by Scripps to two private investors in 1982.

Popular on Variety

The generous deal with OpenGate underscores Macrovision’s stated goal of buying Gemstar-TV Guide Intl. strictly for the technology that fuels its electronic listings guide and the TV Guide brand name. The magazine is projected to lose about $20 million this year, after incurring heavier losses in the recent past.

Once the most widely distribbed mag in the country, TV Guide now has a subscription base of about 3.2 million.

Macrovision is also in the process of unloading the TV Guide Channel cabler, which has failed to drum up any interest among major media players (Daily Variety, Sept. 29).

More Scene


    Jenna Andrews Hosts Zhavia Ward, Lennon Stella at Jed Foundation Fundraiser

    Jenna Andrews, the Canadian singer-songwriter, record producer and executive, hosted a pre-Grammy event in partnership with The Jed Foundation at Alice and Olivia in West Hollywood on Tuesday.  The non-profit Jed is dedicated to protecting emotional health and preventing suicide. The foundation has partnered with high schools and colleges in order to “strengthen mental health, [...]

  • Coldplay - Chris Martin

    Grammys 2020: The Ultimate Party Guide

    Let the music play, indeed. The Grammys are just days away and dozens of parties are happening every night this week leading up to the big day, Sunday, Jan. 26. And the partying continues with several bashes following the ceremony. (All events listed are by invitation only unless marked otherwise; this list is being updated [...]

  • Jared Harris arrives at the 26th

    No, Jared Harris is Not Playing Doctor Octopus in Marvel's 'Morbius'

    The first-ever trailer for Marvel and Sony’s next Spider-man spinoff “Morbius” left comic book fans reeling with theories. While the plight of the main character, Dr. Michael Morbius (Jared Leto) – a scientist dying of a rare blood disease who accidentally turns himself into a vampire – seemed ripped right out of the comics, the [...]

  • Charlize Theron31st Annual Producers Guild Awards,

    Charlize Theron Says Megyn Kelly's 'Bombshell' Reaction Video Was 'Really Validating'

    Charlize Theron says it was “really emotional” to watch Megyn Kelly’s half-hour response video to “Bombshell,” the Oscar-nominated feature film that depicts the sexual harassment Kelly (as played by Theron) and several other women experienced from Fox News founder Roger Ailes. The video, which Kelly posted to her YouTube Channel on Jan. 9, shows Kelly, [...]

More From Our Brands

Access exclusive content