The deal -- reportedly worth about $100 million -- is expected to close as soon as next week, the source said. The $100 million purchase price is less than half of the $250 million Lionsgate paid for the network in 2009.
The deal also includes TVGuide.com, but not TV Guide magazine, which is owned separately by Open Gate Capital.
The sale is meant to be part of a rebranding of TVGN and a move away from its image as a listing source. The station began as a continuous scroll of listings with infomercials and ads playing on the top portion of the screen.
The station now plays reruns of television shows and original series like "Celebrity Style Story," The Hollywood Reporter said.
Sources told the magazine the sale was seen as an opportunity for Lionsgate to partner with CBS, which brings content, experience and abundant resources to the deal.