CORRECTED - UPDATE 2-Lions Gate sells 49 pct stake in TV Guide Channel

(Corrects attribution to investor Richard Dorfman, not the company, in paragraph 15).

* Lions Gate agrees to sell 49 pct TV Guide stake

* Stake sold to One Equity Partners, Allen Shapiro

* Lions Gate to get $123 mln for stake (Updates with details, shareholder quote)

By Sue Zeidler

LOS ANGELES, May 28 (Reuters) - Lions Gate Entertainment Corp (LGF.N: Quote, Profile, Research) said on Thursday it agreed to sell a 49 percent stake in the TV Guide channel for about $123 million to help make the network into a dynamic entertainment channel.

The buyers are One Equity Partners, a private equity branch of JPMorgan Chase, (JPM.N: Quote, Profile, Research), and Allen Shapiro, former CEO of Dick Clark Productions, who had a deal to buy the TV Guide channel and accompanying website from Macrovision Solutions Corp MVSN.O in late 2008.

Macrovision terminated that deal in January and sold the company to the independent film studio for $255 million.

Now, Lions Gate is bringing Shapiro and One Equity in to transform TV Guide into an entertainment network similar to NBC Universal's Bravo channel and News Corp's (NWSA.O: Quote, Profile, Research) FX channel, or Cablevision System Corp's (CVC.N: Quote, Profile, Research) AMC channel.