Comcast Agrees to Purchase TechTV
Comcast Corporation (Nasdaq: CMCSA, CMCSK) announced today that it has signed an agreement with Vulcan Programming Inc. to acquire TechTV, Inc. Upon closing, Comcast will merge TechTV with G4, the Comcast-owned television network devoted to video games and the gamer lifestyle.
Building on the complementary strengths of two niche programming networks that combine the worlds of technology and entertainment, the acquisition of TechTV would create a network that complements Comcast's growing content portfolio and expands G4's distribution. The combined channel would be available to 44 million cable and satellite customers nationwide. Charles Hirschhorn, founder and CEO of G4, will be the CEO of the combined network. "This merger is a win for G4; a win for TechTV; and a win for our advertising and affiliate partners," said Hirschhorn. "The result will be one compelling TV channel that showcases the fun and entertaining side of games and technology with the distribution necessary to achieve broad appeal." EchoStar Communications Corporation (Nasdaq: DISH) will have an equity interest in the combined entity and has agreed to make the channel available to its DISH Network customers who subscribe to its mid-level America's Top 120 programming package or greater. The transaction is subject to customary closing conditions and regulatory approvals. Financial terms were not disclosed. Launched in 2002, G4 is currently seen in 15 million cable homes nationwide and was created for the 145 million gamers in the United States who spend upwards of $11 billion annually on video games. TechTV, previously known as Ziff-Davis TV (ZDTV), was launched in 1998, was purchased by Vulcan Programming Inc. in 2000 and is now available in 43 million homes in the United States.
Headquartered in Los Angeles, G4 (www.g4tv.com) is the premier 24/7 television network devoted to the world of video games and the people who play them. Geared toward viewers aged 12-34, G4 is the leading source of entertainment and information about everything game - from video to online to computer to wireless. The network airs in 13.3 million homes in 47 of the top 50 DMA's nationwide on Comcast, Time Warner, Cox, Insight, Mediacom, Bright House Networks and RCN cable systems. Launched in 2002, G4 is owned by Comcast Corporation.
TechTV is the category-defining cable and satellite network that showcases the smart, edgy and unexpected side of technology. By telling stories through the prism of technology, TechTV intrigues viewers with everything from help and information to cutting-edge factual programming and outrageous late-night fun. TechTV viewers are highly interactive and passionate about engaging in the television experience and log a monthly average of 1.8 million unique visitors to TechTV.com. TechTV is currently available in more than 43 million homes in the United States and distributes content to more than 70 countries.
Comcast Corporation (Nasdaq: CMCSA, CMCSK) (www.comcast.com) is principally involved in the development, management and operation of broadband cable networks and in the provision of programming content. The Company is the largest cable company in the United States, serving more than 21 million cable subscribers. The Company's content businesses include majority ownership of Comcast Spectacor, Comcast SportsNet, E! Entertainment Television, Style Network, The Golf Channel, Outdoor Life Network and G4. Comcast Class A common stock and Class A Special common stock trade on The NASDAQ Stock Market under the symbols CMCSA and CMCSK, respectively.