MGM in talks to buy remaining of premium US channel Epix
10 Mar 2017
MGM Holdings Inc, parent of media company Metro-Goldwyn-Mayer Studios, is in talks to buy the 81 per cent it does not already own in premium US channel Epix from two of its partners Viacom Inc and Lions Gate Entertainment, Reuters yesterday reported, citing people familiar with the matter.
Viacom is looking to sell its 50 per cent stake in Epix to help pay down its $12-billion debt load, while Lionsgate has already said it is exploring options for its nearly 32-per cent stake in Epix following its $4.4 billion acquisition of pay TV network Starz Entertainment, the report said.
A potential deal would value Epix between $1 billion to $2 billion, the report added.
New York City-based Epix is owned by Studio 3 Partners, a joint venture of Viacom's subdivision Paramount Pictures, MGM Holdings, and Lions Gate Entertainment.
The Epix television channel features new theatrically released motion pictures from its owners, original documentaries, music and comedy specials, and series.
Available in over 50 million homes nationwide, EPIX is distributed across major TV providers including cable, satellite and telco partners, mobile phones, tablets and connected TV devices.
Epix was the first premium network to provide multi-platform access online at Epix.com as well as on Xbox, PlayStation, Android phones and tablets and Roku players.
EPIX is also available on Apple iPhones and iPads, Chromecast, Android TV and others.
Epix has 8.8 million subscribers and revenue of $413.8 million in 2016.