Lionsgate-Summit Deal Done

Following its agreement last week to acquire Summit Entertainment, Lionsgate Entertainment is looking to sell the TV Guide cable channel and website, Bloomberg reports. Lionsgate hopes to secure “a substantial increase” above the $242 million the company paid in March 2009, according to an unidentified investor briefed on the deal. Lionsgate began shopping TV Guide two months ago and would prefer to sell the channel and website in a single package. Lionsgate sold a 49% stake in the TV Guide properties to JPMorgan Chase in May 2009. In the six months ended September 30 TV Guide’s loss widened to $20.3 million from $13.6 million a year earlier, according regulatory filings, and revenue fell 11 percent to $50.8 million.