Sony Pictures Entertainment has acquired AT&T’s minority stake in the Game Show Network (GSN), giving the company full ownership of the game show-centric American cable net.
Prior to the transaction, Sony owned 58% of GSN, with AT&T now selling its 42% share, in keeping with the company’s strategy to monetize non-strategic assets.
AT&T received approximately US$500 million in the deal, including proceeds for its equity stake valued at $380 million (before transaction-related adjustments) and dividends of approximately $130 million.
Mark Feldman will continue as president and CEO of GSN following the acquisition, and the channel will continue to be carried on DIRECTV.
“We’re excited to bring Game Show Network fully into the Sony Pictures Entertainment portfolio,” said Mike Hopkins, chairman of Sony Pictures Television, in a statement. “The acquisition allows us to work more closely with the company’s talented team to deliver the best iconic game shows, 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.”