CBS on Tuesday confirmed widespread reports that it had purchased 50 percent of TVGN, formerly the TV Guide Network. The deal provides CBS for the first time with a basic-cable entertainment network that can be used as an outlet for its syndicated programming. As CBS chief Leslie Moonves put it in a statement: This is a strategic way for CBS to use its content brands and gain access to a highly distributed basic cable network that has a lot of upside. CBS reportedly paid about $100 million to acquire the stake held by JPMorganChase's One Equity Partners, which purchased it from Lionsgate in 2009 for about $125 million. Lionsgate remains a half-owner of the channel. The deal also gives CBS half ownership of TVGuide.com. Neither the cable channel nor the Internet site has any connection, other than a historical one, with the TV Guide magazine.
The guitarist came up with the band name in 1982.