CBS has taken full ownership of cable network Pop TV after acquiring Lionsgate’s 50% stake in the channel.
The terms and financial details of the deal were not disclosed.
Pop will continue to be under the leadership of its current president Brad Schwartz. Although Lionsgate has sold off its share in the general entertainment cable net, it intends on supplying original content, like the upcoming series Florida Girls, to the platform.
“We’re proud of what we’ve accomplished together with our partners at CBS in building Pop into a nationally distributed platform with exciting programming,” said a Lionsgate spokesperson in a statement.
In March 2013, CBS purchased half of then-named TV Guide Network (TVGN) for a reported $100 million from One Equity Partners. Meanwhile, Lionsgate came to own Pop as part of a deal from Macrovision (now Tivo Corp.) for a reported $255 million in 2009.
In September 2014, CBS and Lionsgate announced that TVGN would be relaunched as Pop in the first quarter of 2015, with a focus on pop culture content following the rebrand. The refresh included more than 400 hours of original content, including the series Rock This Boat: New Kids On The Block, which revolved around a boat cruise hosted by famed boy band New Kids on the Block, while The Story Behind followed the genesis of TV’s iconic shows.
“When something is so good that it earns a culture of fandom, that’s Pop – and that’s what we want our channel to symbolize, a fresh new media personality that puts us firmly alongside the audience,” said Schwartz, Pop’s entertainment and media president, about the rebrand back in 2014.
The Wall Street Journal first reported the sale of Pop to CBS Tuesday (March 12).
(With files from Nick Krewen)