TVG revenue drops a bit

Television Games Network had revenue of $56.6 million in 2007, down 1 percent from its revenue in 2006, according to financial documents released by the company's parent, Gemstar-TV Guide International.

The documents provided only revenue, not expenses or income, for the network, which broadcasts live horse races and operates an account-wagering system. Gemstar had total revenue of $627.7 million in 2007, so TVG provided approximately 9 percent of the company's revenue.

According to the financial documents, handle through TVG's account-wagering operation was $477.9 million in 2007, up 10 percent from handle last year. During 2007, TVG lost the right to carry several high-profile racing signals, including Churchill Downs and Arlington Park.

Late last year, a company called Macrovision reached an agreement to purchase Gemstar in a transaction expected to close in the second quarter of 2008.