Seems the market’s not too keen on Macrovision spending that much money on Rupert Murdoch’s worst investment, even if it will allow Gemstar to offer copyright-protected libraries of shows, movies and music on TVs, mobile phones and the Internet.

In a conference call, Macrovision CEO Fred Amoroso assured investors that the deal makes good business sense. “Look, I recognize this is a complex transaction, no kidding,” Amoroso said. “You’ve got a little company, you’ve got $800 million of debt, there are certainly questions, the debt markets haven’t been the most robust and all of that. But you know what? We don’t make decisions as a factor of what the immediate first-day market reaction is going to be … I have a confidence and a high expectation that as we continue to work over the next few months on integration–and beyond that after closing–that this is going to be an enormous value for our stockholders.”