Betfair Group Ltd, the premier e-gaming business, and Macrovision Solutions Corporation, a digital entertainment technology leader, today announced that Betfair has completed its acquisition of the TV Games Network (TVG) from Macrovision for $50 million in cash consideration.
TVG, the official TV and Interactive Wagering partner of the National Thoroughbred Racing Association (NTRA), is among the most widely-distributed horseracing networks in the world and is also a leading provider of advance deposit wagering services in the US.
"The divestiture of the TVG Network marks another milestone in a set of objectives we set for ourselves when we acquired Gemstar-TV Guide in 2008, and helps to focus our company around the goal of powering a uniquely simple home entertainment experience," said Fred Amoroso, President and CEO of Macrovision.
Gerard Cunningham, President of Betfair US, said: "We are tremendously excited to be the new owners of TVG and look forward to building upon the worldwide experience of Betfair to help grow the business."
"We believe TVG to be the premium product in the sector, with exceptional staff and loyal customers, and we look forward to working with the horseracing industry to help promote this great sport."
David Yu, CEO of the Betfair Group Ltd, commented: "We have always been attracted by the operating strength of TVG together with its conservative and prudent regulatory approach. Its values are very much aligned with those of Betfair."
"We have waited to enter the US market until we had a high quality, and above all, legal product offering, and we believe with this acquisition we have secured those goals."
(Betfair)