Macrovision (NSDQ: MVSN) has finally found a buyer for TV Guide magazine, and it not one of the usual suspects: it has divested the magazine only (NOT online) to LA-based private equity firm OpenGate Capital. Terms of the deal were not disclosed, but it is sure to come out in MVSN’s filings sometime soon. It is expected to close by around Dec 1 this year. TV Guide Magazine’s president Scott Crystal and the management team will remain with the mag. OpenGate was founded in 2005, and had no previous holdings in the media sector. It says it has capital in excess of $500 million. Details in release.

SEE ALSO: TV Guide Network Being Sold Separately From Mag; Book Finally Out

As we reported first, the online division of TVG will remain with Macrovision, though how the print and online will work together with different ownerships, if at all, remains to be seen. The online network consists of TVGuide.com website and its other online products (which includes jumptheshark.com, tv-now.com, tvshowsondvd.com and fansofrealitytv.com). Macrovision is still in the process of selling the TV network, and that may take a while. Update: I asked company PR for any linkups between print and online, and here’s their statement: “Any plans for a digital companion to the magazine will be disclosed after the close of the transaction approximately December 1.” So nothing until the deal closes…

For the first six months of this year, TVG magazine had revenues of $19.77 million and net losses of $1.67 million, according to MVSN’s 10-Q for the last quarter.

The only similar previous example I can think of was Wired.com and Wired magazine being owned by two separate entities for a few years (Lycos US and Conde Nast respectively), and that didn’t work out so well. Conde Nast bought the online part back in 2006 for $25 million.