08/07/2008 11:00PM

TVG revenue down for quarter


Revenue for Television Games Network in the second quarter of 2008 was $13 million, a decline of 13 percent compared to revenue of $14.7 million in the second quarter last year, according to financial documents released Thursday by the account-wagering company’s parent.

TVG, the leading national account-wagering company in the U.S., had revenue of $21.6 million for the six months of 2008, according to the documents from Macrovision, which purchased TVG when it merged with TVG’s former parent, Gemstar-TV Guide, late last year. The 2008 revenue figure is down 17 percent compared to revenue in the first six months of last year.

Macrovision did not release profitability figures for TVG, which is part of the company’s technology solutions segment.

As part of a conference call with analysts conducted on Thursday night, Macrovision’s chief executive. Fred Amoroso, characterized TVG’s business as having “weakness” in the first six months. The company is attempting to sell TVG and other media properties.

“We are currently moving the process forward,” Amoroso said on the conference call, referring to the attempt to sell TVG and the other businesses. Amoroso said that company officials have held preliminary discussions with several prospective buyers, but he declined to identify those entities.

Earlier this week, Youbet.com, a competitor of TVG that has agreements with the company to offer wagering on the signals that TVG controls, said that it was exploring a merger with TVG.