Feltheimer said that Lionsgate would fund the acquisition primarily from existing cash and would supplement it with available funds from its $340- million credit facility. Lionsgate reported $249 million in cash as of Sept. 30.
Lionsgate had been eyeing the TV Guide assets for the last three months. Feltheimer said his company pounced quickly after learning that the deal with Shapiro and One Equity Partners, which manages $8 billion in investments for JPMorgan Chase, wasn't yet firm.
"We moved fast and came in and gave Macrovision more certainty of closure," he said.
Macrovision said it had the right to shop the deal with the Shapiro group until it closed at the end of March.
The agreement with Lionsgate is expected to close Feb. 28.
A spokesman for Santa Clara, Calif.-based Macrovision said the Lionsgate offer was more attractive even though the purchase price was essentially the same.
"This transaction with Lionsgate gave us the best possible and fastest close and we were happy with the price and the other terms," said Corey Ferengul, Macrovision's executive vice president of marketing.
Unlike the Lionsgate pact, the Shapiro deal was weighed down by various performance contingencies.
Shapiro said his group was taken by surprise when Macrovision informed it of the new deal Monday.
"I think this clearly indicates what a good asset this was," said Shapiro, adding, "it remains to be seen if the final chapter is written yet."
Greg O'Hara of One Equity said, "Our plan is to continue backing Allen Shapiro and his excellent management team in purchasing other entertainment and media assets."
Shares of Lionsgate, which is incorporated in North Vancouver, Canada, fell 19 cents to $5.61. Macrovision shares declined 38 cents to $12.95.
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claudia.eller@latimes.com
