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MGM reaches $1B deal for EPIX takeover

As expected, Metro-Goldwyn-Mayer Inc. struck a deal to acquire full ownership of premium pay TV channel EPIX (US).

MGM, which already owns a 19.0% stake in EPIX, will pay $1.03 billion for the interests held in the network by Viacom Inc., Paramount and Lions Gate Entertainment Corp. The deal values EPIX at roughly $1.28 billion, including $75 million of distributions to the partners. Viacom and Lionsgate currently own 49.76% and 31.15% equity interests, respectively.

The transaction is expected to close this month, subject to regulatory approval.

LionTree Advisors served as financial adviser to Viacom and Lions Gate on the deal. Legal advisers included Latham & Watkins LLP for MGM, Shearman & Sterling LLP for Viacom and O'Melveny & Myers LLP for Lions Gate.