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CBS Corp. is on the verge of acquiring an asset that will round out its television portfolio—the hitherto elusive fully distributed ad-supported cable network.
According to multiple sources, CBS is close to securing a 50 percent stake in TV Guide Network, making it an equal partner with Lionsgate Television. The company is buying out One Equity Partners, a division of JPMorgan Chase.
At $100 million, the price of getting a toehold in the basic-cable space is a relative bargain; Lionsgate purchased TV Guide Net in 2009 for a figure just shy of $242 million.
The deal is expected to close sometime next week.
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