Gemstar-TV Guide International
- Gemstar-TV Guide International
Gemstar-TV Guide International, Inc. was a media company that licensed interactive program guide technology to multichannel operators, such as cable and satellite television providers, and consumer electronics manufacturers, video recorder scheduling code under brands such as VCR Plus, publishes TV Guide magazine, distributes TV Guide Network, operated tvguide.com, and provided various related services. It was formed when Gemstar, (founded by Henry Yuen, Daniel Kwoh and Wilson Cho), merged with TV Guide, Inc., in July, 2000. [Jane Spencer and Kara Scannell [http://online.wsj.com/article/SB117744516411980932.html "As Fraud Case Unravels, Executive Is At Large"] "Wall Street Journal Online", April 25, 2007 (subscription required to view full article)] In 2002, Gemstar disclosed that $108 million in booked revenue did not exist. Yuen was fired in 2003. Its market capitalization fell from a high of $20 billion in 2000 to a low of little more than $1 billion in 2005; its stock later recovered somewhat.
On July 9, 2007, Gemstar Chairman Anthea Disney announced that the Board of Directors has "authorized the Company and its advisors to explore strategic alternatives intended to maximize shareholder value, which may include a sale of the Company." [Gemstar-TV Guide International [http://www.gemstartvguide.com/PressRelease/tabid/128/Default.aspx?CID=517 "Gemstar-TV Guide International Announces Review of Strategic Alternatives"] ,] This move was seen by many analysts as an attempt on the part of News Corp's Rupert Murdoch, a 41% shareholder in Gemstar, to raise cash for its attempt to buy The Wall Street Journal parent company Dow Jones.
On December 7, 2007, Gemstar signed a definitive agreement to be acquired by Macrovision in a cash and stock deal, which based on the closing price for the Macrovision stock on December 6, 2007, was valued at approximately $2.8 billion. [ [http://www.macrovision.com/company/newscenter/pressreleases/1434_7820.htm "Macrovision Agrees to Acquire Gemstar-TV Guide"] ] The deal closed on May 2, 2008. [ [http://www.gemstartvguide.com/company/newscenter/pressreleases/1434_9249.htm "Macrovision Closes Acquisition of Gemstar-TV Guide"] ]
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2010.
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