SANTA CLARA, Calif. & LONDON--(BUSINESS WIRE)--BETFAIR Group Ltd, the premier e-gaming business, and Macrovision Solutions Corporation (NASDAQ:MVSN), 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.”
About Betfair Group Ltd
Betfair is the premier e-gaming betting community, with horseracing as its core product.
Betfair has twice been named the UK’s ‘Company of the Year’ by the Confederation of British Industry and remains the only betting company to win a Queen’s Award for Enterprise, being recognised for Innovation in 2003 and most recently for International Trade in 2008, and one of only a handful to have won it twice.
Betfair was named the ‘Socially Responsible Operator of the Year’ in October 2006, and won the top accolade, the ‘Operator of the Year’ Award, at the eGaming Review Industry Awards in 2007. The judges said that the company had “constantly pushed the boundaries in terms of what betting companies offer their customers.”
Betfair has signed 42 Memoranda Of Understanding (MoUs) with sporting bodies worldwide, the first of which was with the Jockey Club (now the British Horseracing Authority) in 2003.
More information about Betfair can be found at http://corporate.betfair.com.
About Macrovision Solutions Corporation
Macrovision Solutions Corporation is focused on providing a uniquely simple digital home entertainment experience by delivering solutions to businesses to protect, enhance and distribute digital goods to consumers across multiple channels. Macrovision’s technologies are deployed by companies in the entertainment, consumer electronics, cable and satellite, and online distribution markets to solve industry-specific challenges and bring greater value and a more robust user experience to their customers. The result of deploying Macrovision’s solutions is a simple end user experience for discovering, managing and enjoying digital content. Today, Macrovision provides connected middleware, media recognition, interactive programming guides, copy protection and rich media, data and metadata on music, games, movies and television programming. The company also operates an entertainment portal which can be found at http://www.allmusic.com. Macrovision holds over 4,100 issued or pending patents and patent applications worldwide.
Macrovision is headquartered in Santa Clara, California, with numerous offices across the United States and around the world including Japan, Hong Kong, Luxembourg, and the United Kingdom. More information about Macrovision can be found at www.macrovision.com.