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Anthem Sports buys majority stake in AXS TV, HDNet Movies

Anthem Sports & Entertainment Corp. purchased a majority interest in HDNet LLC, the parent company of U.S. television networks AXS TV (US) and HDNet Movies (US).

Under the terms of the deal, Anthem Sports will assume the operations of the AXS TV and HDNet channels that cater to music, sports, entertainment and lifestyle audiences. The deal also includes AXS TV's library of owned programming, including wrestling, MMA and entertainment content.

Financial details of the deal were not disclosed.

Mark Cuban and AEG will continue to participate as equity partners. AEG Global Partnerships, the advertising and sponsorship sales unit of AEG, will continue to support the channels in conjunction with Anthem's sales team.

Entertainer and producer Steve Harvey is joining as an investor and will also enter into a strategic agreement for content development and promotion of Anthem's portfolio of channels. Steve Harvey Global will have a seat on Anthem Sports' board. Anthem's board will also include Ted Goldthorpe, head of BC Partners Credit, a lead financier on the acquisition; Rick Ehrman, a former senior executive at Univision Communications Inc.; Robert Foster, founder and CEO of Capital Canada Ltd.; Scott Honour, founding principal of Northern Pacific Group LP; and Loudon Owen, chairman and CEO of DLT Labs Inc.

AXS TV and HDNet Movies will continue to operate from their existing facilities in Denver and Los Angeles. The combined company will include Anthem's playout and production center in Toronto and production facilities in Nashville, Tenn., and Europe.

"The addition of AXS TV and HDNet Movies will allow for increased content ownership, digital expansion and even more compelling programming for consumers and our distribution partners," Anthem Sports CEO Leonard Asper said in a Sept. 9 news release. The AXS TV and HDNet deal is expected to expand Anthem's reach about 150 million homes worldwide, including about 110 million homes served by multichannel video programming distributors in the U.S. and Canada.