Lionsgate in advanced negotiations to sell TVGuide.com

Remember the days when a TV Guide book was the companion to every household's arm chair and remote? Those days are long gone with the rise of the internet, digital cable, mobile apps and DVR’s, but what does this mean for the future of the TV Guide website?

Yahoo is among one of the companies rumored to be serious about taking control over TVGuide.com, which offers users online entertainment listings, videos, mobile apps and news. Whichever company takes the alleged $20 million dollar deal will gain the sites 24 million unique monthly visitors and 7 million mobile app users – an impressive following to grab!

This news does not come as a huge shock, as Lionsgate has been weighing their options and debating the fate of TVGuide.com for over a year. Lionsgate originally purchased the website for $241.6 Million back in February of 2009 and then subsequently sold half of the operation to partners Allen Shapiro and JP Morgans One Equity Partners for $122.4 Million. TVGuide.com was run by Shapiro up until a few weeks ago when he announced that he was leaving the company to run Dick Clark Productions.

What does this mean for the TVGuide website and reputation? Well besides selling the company at approximately a $215 Million dollar loss on its purchase price, the website will be given a second (or third, or fourth…) chance at a much needed overhaul and restructuring to bring in more revenue and success. With the most recent quarter showing a loss of $20.3 million and a revenue drop of 11 percent, maybe it is time for someone else to take the reins and see if they can bring TVGuide.com back from the brink of disaster.