Comcast to Buy TechTV Cable Network
Posted on: Thursday, 25 March 2004, 06:00 CST
LOS ANGELES (AP) - Comcast Corp. has signed an agreement to buy the TechTV cable network from billionaire Paul Allen's Vulcan Programming Inc., the company said Thursday.
Comcast will merge TechTV with its G4 network, which is devoted to the world of video games.
The deal is valued at around $300 million, according to a source familiar with the terms who spoke on condition of anonymity. EchoStar Communications Corp., which runs the Dish Network satellite television service, is taking a stake in the network of about 12 percent, according to the source.
The deal more than doubles the reach of G4, which is now seen in about 15 million homes on digital cable. The new network will be seen in about 44 million homes.
The purchase is subject to regulatory approval and may take several months to close, the company said.
Until then, the two networks will continue to be run separately. TechTV, which was originally launched in 1998 as Ziff-Davis TV, is based in San Francisco. The new, combined network, which has yet to be named, will be based in Los Angeles.
Charles Hirschhorn, founder and chief executive of G4, will run the combined network.
"I went to bed a kid and woke up an adult," Hirschhorn said.
Philadelphia-based Comcast had budgeted $150 million over five years to get G4 to profitability. The merger announced Thursday accelerates that goal and nearly doubles the amount of original programming on G4.
G4 features programs such as a daily news show called "Pulse," a review segment and even a show detailing the tricks programmed into games - known as "cheats."
TechTV also has some game-oriented programming, including the show "X-Play," a daily technology news show and other original programs.
The new network will have a strong focus on games, Hirschhorn said. The gaming industry has sales of about $11 billion a year.
"It's the fastest growing sector of the entertainment business," he said.
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On the Net:
G4 Network: http://www.g4tv.com
TechTV: http://www.techtv.com
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