Sony Pictures Entertainment (“SPE”) and AT&T Inc.* (NYSE:T)
today announced that SPE has acquired AT&T’s minority stake in
Game Show Network, LLC (“Game Show Network”). SPE now owns 100% of
the multimedia entertainment company offering original and classic
game programming to millions of subscribers through the U.S.-based
cable network. It also offers online and mobile games to millions
of users through GSN Games. Following the transaction, the Game
Show Network channel will continue to be carried on DIRECTV.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20191118005828/en/
The sale is consistent with AT&T’s strategy to monetize
non-strategic assets as it de-levers its balance sheet and begins
to retire shares. Prior to the transaction, SPE owned a 58% stake
in Game Show Network, and AT&T owned the remaining 42%. In
connection with the transaction, AT&T received approximately
$500 million, including proceeds for its equity stake valued at
$380 million (before transaction-related adjustments) and dividends
of approximately $130 million. Game Show Network will continue to
be managed by Sony Pictures Television (“SPT”) with Mark Feldman
continuing as President and CEO of the multimedia outlet. The
acquisition will bolster SPT’s already robust catalogue of game
shows and first-run series, such as Jeopardy! and Wheel of Fortune,
solidifying its position as the leader in all facets of the U.S. TV
game show business.
“We’re excited to bring Game Show Network fully into the Sony
Pictures Entertainment portfolio,” said Mike Hopkins, Chairman,
Sony Pictures Television. “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.”
Game Show Network television programming includes originals such
as America Says, The Chase, Common Knowledge and Catch 21,
syndicated favorites including Wheel of Fortune and Family Feud,
and classics including The $25,000 Pyramid and Card Sharks. GSN
Games’ collection of mobile games includes GSN Casino, Bingo Bash,
Wheel of Fortune® Slots, Solitaire TriPeaks, and WorldWinner, among
others.
About Sony Pictures
Entertainment
Sony Pictures Entertainment (“SPE”) is a subsidiary of
Tokyo-based Sony Corporation. SPE's global operations encompass
motion picture production, acquisition, and distribution;
television production, acquisition, and distribution; television
networks; digital content creation and distribution; operation of
studio facilities; and development of new entertainment products,
services and technologies. SPE’s Motion Picture Group production
organizations include Columbia Pictures, Screen Gems, TriStar
Pictures, Sony Pictures Animation, Stage 6 Films, AFFIRM Films, and
Sony Pictures Classics. For additional information, visit
http://www.sonypictures.com/corp/divisions.html.
About Sony Pictures
Television
Sony Pictures Television (“SPT”) is one of the television
industry’s leading content providers, producing, distributing and
carrying programming worldwide in every genre and for every
platform. In addition to managing one of the industry’s largest
libraries of award-winning feature films, television shows and
formats, SPT is home to a thriving global content business,
operating 24 wholly-owned or joint-venture production companies in
12 countries, as well as linear and digital channels around the
world. SPT is a Sony Pictures Entertainment Company.
*About AT&T
AT&T Inc. (NYSE:T) is a diversified, global leader in
telecommunications, media and entertainment, and technology. It
executes in the market under four operating units. WarnerMedia is a
leading media and entertainment company that creates and
distributes premium and popular content to global audiences through
its consumer brands including: HBO, Warner Bros., TNT, TBS, truTV,
CNN, DC Entertainment, New Line, Cartoon Network, Adult Swim,
Turner Classic Movies and others. AT&T Communications provides
more than 100 million U.S. consumers with entertainment and
communications experiences across TV, mobile and broadband
services. Plus, it serves nearly 3 million business customers with
high-speed, highly secure connectivity and smart solutions.
AT&T Latin America provides pay-TV services across 11 countries
and territories in Latin America and the Caribbean, and is the
fastest growing wireless provider in Mexico, serving consumers and
businesses. Xandr provides marketers with innovative and relevant
advertising solutions for consumers around premium video content
and digital advertising through its AppNexus platform.
AT&T products and services are provided or offered by
subsidiaries and affiliates of AT&T Inc. under the AT&T
brand and not by AT&T Inc. Additional information is available
at about.att.com. © 2019 AT&T Intellectual Property. All rights
reserved. AT&T, the Globe logo and other marks are trademarks
and service marks of AT&T Intellectual Property and/or AT&T
affiliated companies. All other marks contained herein are the
property of their respective owners.
AT&T Cautionary Language Concerning
Forward-Looking Statements
Information set forth in this news release contains financial
estimates and other forward-looking statements that are subject to
risks and uncertainties, and actual results might differ
materially. A discussion of factors that may affect future results
is contained in AT&T’s filings with the Securities and Exchange
Commission. AT&T disclaims any obligation to update and revise
statements contained in this news release based on new information
or otherwise.
This news release may contain certain non-GAAP financial
measures. Reconciliations between the non-GAAP financial measures
and the GAAP financial measures are available on the company’s
website at https://investors.att.com.
About Game Show Network,
LLC
Game Show Network, LLC (“Game Show Network”) is the leader in
game show entertainment across multimedia, which presents original
and classic game programming and skill-based competitive
entertainment and games via its top 30** rated cable network, the
GSNTV.com website and its position as one of the leading social
casino games companies in the world at GSN.com. Game Show Network
LLC’s cross-platform content gives game lovers the opportunity to
win cash and prizes, through its popular TV game shows and GSN
Games’ free casual games, mobile and social games, and skill-game
tournaments. Game Show Enterprises, the production arm of the
network, develops and produces hundreds of hours of original
episodes, making Game Show Network the premiere destination for
fun, family-friendly programming. Game Show Network is distributed
throughout the U.S., Caribbean and Canada by all major cable
operators, satellite providers and telcos. For further information,
please visit GSNTV.com.
**Source: Nielsen Media Research, NPower Time Period Report,
P2+, Total Day, 12/31/2018 - 10/27/2019, CVG AA%, Game Show Network
ranked against Ad-Supported Cable networks.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191118005828/en/
Stacy Weitz Sony Pictures Television Stacy_Weitz@spe.sony.com
Erin McGrath AT&T Inc. (214) 862-0651 erin.mcgrath@att.com
Alison Lazar Game Show Network 212-492-5671
alazar@GameShowNetwork.com
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