Sony Pictures Entertainment (SPE) has acquired AT&T’s minority stake in Game Show Network, LLC (Game Show Network). SPE now owns 100 percent of the multimedia entertainment company, offering original and classic game programming to millions of subscribers through the US-based cable network. It also offers online and mobile games to millions of users through GSN Games. Following the transaction, the Game Show Network channel will continue to be carried on DIRECTV.
The sale is consistent with AT&T’s strategy to monetize non-strategic assets as it de-levers its balance sheet and begins to retire shares. Prior to the transaction, SPE owned a 58 percent stake in Game Show Network, and AT&T owned the remaining 42 percent. In connection with the transaction, AT&T received approximately USD 500 million, including proceeds for its equity stake, valued at USD 380 million (before transaction-related adjustments), and dividends of approximately USD 130 million.
Game Show Network will continue to be managed by Sony Pictures Television (SPT), with Mark Feldman continuing as president and CEO of the multimedia outlet. The acquisition will bolster SPT’s already-robust catalog of game shows and first-run series.