Sony Pictures Entertainment says it has acquired AT&T’s minority stake in the cable channel Game Show Network
Sony Pictures Entertainment says it has acquired AT&T’s minority stake in the cable channel Game Show Network. Sony is paying AT&T just over $500 million to acquire the telecom giant’s stake in the channel.
The deal valued AT&T’s 42 percent stake in Game Show Network at $380 million, and is also paying dividends of about $130 million. Sony now owns 100 percent of the channel, which carries classic and new episodes of game shows, and also has an online and mobile gaming business. Mark Feldman will continue to serve as president and CEO of the channel. In a statement, he said that the deal will allow the channel to "develop and syndicate new game show IP for audiences across the nation, as well as to advance the fast-growing GSN Games business, all of which directly aligns with our strategy of developing targeted direct-to-consumer offerings.”
The deal also ensures that Game Show Network will continue to be carried on DirecTV, the satellite and streaming TV service owned by AT&T. The telecom company has been divesting “non-strategic assets” as it seeks to pay down debt and de-lever. AT&T has also faced activist investor pressure in recent months from Elliott Management, which has sought to have the company divest some of its assets. Elliott and AT&T came to an agreement last month, which include a “full review” of the company’s asset portfolio.
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