Macrovision (NSDQ: MVSN) is almost done with most of its dispositions, and after selling off its TV Guide magazine for $1 to OpenGate Capital, is getting considerably more for the namesake TV network and the online part: it has sold off TV Guide Network to Allen Shapiro and One Equity Partners for about $255 million, plus up to an additional $45 million earnout payable through 2012. The surprise part: after professing love for TVGuide.com network (which includes jumptheshark.com, tv-now.com, tvshowsondvd.com and fansofrealitytv.com) for the last couple of quarters, it is now washing its hands off it, and bundled it as part of this TV network sale. The deal is expected to close on April 1 next year.

One Equity Partners is the $8 billion PE arm of J.P. Morgan Chase & Co. Shapiro was most recently president of entertainment management firm Mosaic Media Group and CEO of Dick Clark Productions (DCP). Shapiro facilitated the leveraged buyout of DCP and became CEO of the company in 2004.

In October, Macrovision sold TV Guide magazine to firm OpenGate Capital for $1 and liabilities; it previously said it planned to keep TVGuide online network. In May, MVSN CFO said this: “We expect the online properties to continue their steady historical growth and planned for a minimum of 10 percent revenue gains for the next few years”; the company then planned to augment the site with data from its acquired AMG line. What changed in between? Well, for one, the economy. Secondly, OpenGate announced earlier this month that it planned to launch a TVG magazine website at tvguidemagazine.com, which would technically be in competition with TVGuide.com, and MVSN may have decided against taking on another headache, both competitive and potentially legal one. Last, the dynamics of managing an online media asset is very different from the tech company MVSN wants to be at its core, and it may have recognized the pitfalls of its earlier decision. Hence the online sale.

BUT, MVSN will still have some connections with TVG Online: Macrovision retains the B2B online TV grid syndication business, which it licenses to other portals and mobile guides.

Macrovision acquired Gemstar-TV Guide in May for $2.3 billion in cash and stock, and has kept Gemstar’s IPG and other tech assets, while trying to dispose off other media related assets. That process is now almost complete: it is still trying to sell off TVG Network, its horse racing wagering channel, which it expects to sell off early next year. More details in release.

• TV Guide’s Print Buyer To Launch A New Site, Separate From TVGuide.com
• Desperate Times: TVGuide Sold For A Buck…Re
• Macrovision Sells Off TV Guide Network For Up To $300 Million; Shocker: Also Sells Online
• TVGuide No More: Macrovision’s Acquisition Of Gemstar Complete; To Be Called Macrovision Solutions