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Lionsgate rises after report of planned sale of TV Guide stake

Shares of Lions Gate Entertainment (LGF) are higher in early trade following reports that CBS (CBS) plans to buy a stake in TVGN, formerly known as the TV Guide Network. CBS will pay over $100M to buy a 50% stake in the network from JPMorgan Chase’s (JPM) One Equity Partners, according to Bloomberg, citing a person with knowledge of the deal. The Hollywood Reporter said CBS will pay "about" $100M for the 50% stake, which the periodical said is less than the $123M that One Equity paid for its half and also less than half of the $250M Lionsgate paid for the entire network in early 2009. However, The Reporter added that some of its sources said the opportunity to partner with CBS convinced Lionsgate to hold on to its half of TV Guide. In early trading, shares of Lions Gate rose 24c, or 1.08%. to $22.56.