Beverly Hills private equity firm OpenGate Capital announced Tuesday it has launched a new division to focus on media and publishing acquisitions.

OpenGate owns six media, publishing and print-related businesses that have combined annual revenue of about $1 billion, including TV Guide Magazine and Pennysaver USA.

The new division, OpenGate Media Group, includes a partnership with Jack Kliger and David Fishman of New York magazine consultancy Kliger Media Associates. Kliger and Fishman were recently named chief executive and chief operating officer, respectively, of TV Guide Magazine.

The new division will target underperforming publications or underdeveloped digital media assets. OpenGate partner Robert Lezec said the new unit will look to expand on the profitability of TV Guide.

“The formation of OpenGate Media Group allows us to build on the success we have had with TV Guide Magazine over the past five years,” Lezec said in a statement. “We will take the same prudent strategy that is applied to OpenGate’s other portfolio companies and apply it to the new media assets we will either acquire or manage.”