MGM is taking full ownership of pay-television network Epix, buying out partners Viacom Inc. and Lionsgate Entertainment Inc. in a more than $1.03 billion deal. (WSJ)
The deal includes Paramount Pictures and Lionsgate having multiyear agreements to continue bringing first-run movies to Epix. MGM, which already has a 19 percent stake, is set to control Epix’s four linear pay-TV channels available in the U.S. market. (THR)
Viacom currently owns half of Epix, while Lionsgate has a 31.2 percent stake. The deal is expected to close by the end of this month. (Reuters)
The transaction values the pay-TV movie network at $1.275 billion. The sale, which must be approved by regulators, reflects a shift in priorities for the various partners and MGM’s ambitions to bulk up. Last year, the movie and TV company acquired United Artists Media Group. (LAT / Company Town)