Metro-Goldwyn-Mayer will become the sole owner of premium cable network Epix, after the mini-major studio bought out partners Paramount Pictures and Lionsgate, the company announced Wednesday.
MGM will pay $1.03 billion for the approximately 80.91 percent of the cable channel it did not own, valuing Epix at $1.25 billion in total, including $75 million distribution payments for each of the partners. The deal is subject to regulatory approval and is expected to close this month.
The deal gives MGM sole control of Epix’ four linear TV channels, which are available through traditional and digital distributors. Paramount and Lionsgate will also give Epix their first-run theatrical releases as part of multi-year agreements.