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CBS Gains Basic Cable Role Buying 50% of TV Guide Network

CBS Corp. acquired half of the TV Guide Network and a related website, and announced plans to operate both with co-owner Lions Gate Entertainment Corp.

CBS, owner of the most-watched TV network, acquired the stake in the basic cable network TVGN and TVGuide.com from a unit of JPMorgan Chase & Co., according to a statement yesterday. Financial terms weren’t announced. A person familiar with the matter said last week CBS paid more than $100 million.