After the deal, Sony will own 100% of the multimedia entertainment company, whose offerings are anchored by its namesake cable network, which airs original and classic game programming. Game Show Network channel will continue to be carried on AT&T’s DirecTV.
Mark Feldman will continue as president and CEO of Gsn.
Sony is positioning Gsn’s suite of game programming alongside its television unit’s established game properties such as Jeopardy! and Wheel of Fortune.
For AT&T, the deal furthers the company’s objective to pay down debt and generate cash from non-strategic assets. The telecom and media giant, still digesting its $81 billion acquisition of Time Warner, has sold off a range of assets from real estate to equipment while also completing a massive restructuring of Time Warner, now known as WarnerMedia.