(RTTNews) - Sony Corp.'s (SNE) unit Sony Pictures Entertainment has bought AT&T Inc.'s (T) stake in Game Show Network LLC.
Sony now fully owns the the multimedia entertainment company offering original and classic game programming to millions of subscribers through the U.S.-based cable network. Before the deal, Sony Pictures owned a 58% stake in Game Show Network, and AT&T owned the remaining 42%.
AT&T received about $500 million, including proceeds for its equity stake valued at $380 million and dividends of about $130 million, the companies said in a press release.
The Game Show Network channel will continue to be carried on DIRECT and will be managed by Sony Pictures Television with Mark Feldman continuing as president and chief executive.
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