Comcast to acquire TechTV - 03/28/04 04:32 AM
Comcast on Thursday said it agreed to acquire cable channel TechTV, owned by Paul Allen's Vulcan, and merge it with its own G4 video game network.
The acquisition will enable Comcast, the nation's largest cable network, to expand its technology and gaming channel to 44 million cable and satellite homes. G4 CEO Charles Hirschhorn will become head of the combined company.
Financial terms of the deal were not disclosed.
Comcast sank millions into launching G4 in 2002, in an effort to tap into the $11 billion video game market. While Comcast has made a name for itself in TV services, it also owns majority stakes in programming stations such as The Golf Channel, Outdoor Life Network and E! Entertainment Television.
In recent months, Comcast has been looking to expand its slate of cable stations. The company in February submitted a $66 billion bid to acquire Walt Disney.
TechTV, which magazine publisher Ziff Davis Media launched as ZDTV in 1998, broadcasts technology- and Internet-related programs. Microsoft co-founder Allen acquired a majority stake in TechTV in 1999.
EchoStar Communications also will have a financial stake in the combined company, terms of which were not disclosed. EchoStar will distribute G4 on its Dish Network satellite TV service.
Cnet News
The acquisition will enable Comcast, the nation's largest cable network, to expand its technology and gaming channel to 44 million cable and satellite homes. G4 CEO Charles Hirschhorn will become head of the combined company.
Financial terms of the deal were not disclosed.
Comcast sank millions into launching G4 in 2002, in an effort to tap into the $11 billion video game market. While Comcast has made a name for itself in TV services, it also owns majority stakes in programming stations such as The Golf Channel, Outdoor Life Network and E! Entertainment Television.
In recent months, Comcast has been looking to expand its slate of cable stations. The company in February submitted a $66 billion bid to acquire Walt Disney.
TechTV, which magazine publisher Ziff Davis Media launched as ZDTV in 1998, broadcasts technology- and Internet-related programs. Microsoft co-founder Allen acquired a majority stake in TechTV in 1999.
EchoStar Communications also will have a financial stake in the combined company, terms of which were not disclosed. EchoStar will distribute G4 on its Dish Network satellite TV service.
Cnet News