An anonymous source has confirmed that CBS Corp would purchase a 50% stake in TV Guide Network. The seller would be One Equity Partners of JP Morgan Chase & Co, The deal would provide CBS a new basic cable outlet for its programming.

CBS currently owns the most watched television network in the US title together with its Showtime premium cable channel. The purchase is reportedly in the upwards of US$100 million and is expected to be completed next week.

With the inclusion into CBS, TV Guide would have enough leverage to increase fees and have a bigger market of nearly 100.4 million homes as cable televison subscribers. TV Guide Network is co-owned by Lion's Gate Entertainment Corp. While TV Guide is essentially a menu of programs that other channels provide, it has put up scheduled shows in the past few years. 

CBS, through its spokesperson Chris Ender declined to comment while JP Morgan Chase & Co spokesperson Tasha Pelio also did the same. The deal was first announced by the TV show Deadline Hollywood.