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To: Skip Jack who wrote (5893)8/7/1999 1:53:00 AM
From: Skip Jack  Read Replies (1) of 13157
 
Date Posted: 8/6/1999


Source-TV Guide dispute heads for court

Interactive programmer Source Media last week fired the first shot in what's likely to be an active legal battle with would-be partner TV Guide Inc., charging TV Guide with breaching a confidentiality agreement.

Source filed suit less than a week after TV Guide President Peter Boylan told investors during a quarterly conference call that Source allegedly transferred Canadian patents to U.S. operations without obtaining requisite legal approvals from the Canadian government.

Source, in its lawsuit seeking $60 million in damages, called Boylan's statements inaccurate.

Source and TV Guide announced in February they intended to create a joint venture to provide interactive local information to cable operators. The transaction included a $10 million investment by TV Guide that would have given it a 55% stake in the venture. The day after TV Guide's conference call, Source announced a similar joint venture with Insight Communications that includes Insight paying $13 million for a 45% stake in the joint venture.

TV Guide officials declined to comment about their plans following Source's lawsuit. However, Boylan had indicated earlier in public statements that TV Guide might sue Source. "We stand by the comments in our press release that we believe they breached our agreements [by going with Insight] and we plan to pursue all remedies available to us to the fullest extent," Boylan said.
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