The Hollywood Reporter -- CBS and Lionsgate made official a plan for a 50-50 partnership stake in the TVGN cable network and

The terms of the deal called for CBS to purchase 50 percent of the website and basic cable channel, which reaches 80 million homes, from One Equity Partners, a private equity firm run by JPMorgan Chase.

"The venture will combine CBS's programming, production and marketing assets with Lionsgate's resources in motion pictures, television and digitally delivered content," the two partners said in a statement on Tuesday.

"The new ownership structure will be comprised of the company with the No. 1 broadcast network and many of the top first-run syndication series (Entertainment Tonight, OMG! Insider) and the studio that distributes the blockbuster Hunger Games and Twilight franchises and produces such award-winning dramas as Mad Men."

More to come.

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