Citadel's ownership of Gemstar-TV Guide drops to 6.8%

By Lisa Kerner

Charlotte, N.C., Dec. 12 - Shareholders led by Citadel Equity Fund Ltd. reduced their stake in Gemstar-TV Guide International Inc. to 6.8%, from 8.4%.

Citadel reported a number of purchase and sale transactions between Oct. 15 and Dec. 12 in a schedule 13D filing with the Securities and Exchange Commission.

On Dec. 7, Macrovision Corp. announced it had agreed to acquire Gemstar-TV Guide in a cash and stock transaction valued at some $2.8 billion.

In July, Citadel offered public support for the board's decision to pursue strategic alternatives for the company.

Citadel, in a prior SEC filing, said it did not believe "the current market value of Gemstar-TV Guide common stock comes close to reflecting either 1) the current improved state of Gemstar-TV Guide's operations or 2) the opportunity for independent value creation over the next several years as an increasing number of platforms take advantage of Gemstar-TV Guide's unique intellectual property."

Citadel said it would support a sale of the company that would "adequately compensate all shareholders for the immense opportunity that lies before Gemstar-TV Guide."

Gemstar-TV Guide is a media and entertainment company located in Los Angeles.

Macrovision provides digital lifecycle management solutions, including anti-piracy and content protection solutions. The company is based in Santa Clara, Calif.

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