We've got a plethora of crazy diamonds in the market, all angling for their time to shine. It looks like a member of the old guard is joining the digital entertainment revolution in a big way, as Gemstar-TV Guide (NASDAQ:GMST) leaves its namesake dead-tree magazine flapping in the wind and signs on new customers for all-digital versions of its program listing services. And the financial results have already started to pick up.

Last year, Gemstar was exposed in the light, making a $16.8 million net loss from continuing operations. This time, the company made a tidy $31.8 million profit on the same basis, though some of that windfall stems from legal settlement gains. Two former executives have paid up their combined $40.1 million settlements to Gemstar, ending a sad passage in this opus.

But this isn't a song about nitpicking financial details, but rather one of bright futures in a brave new world. Gemstar has been keeping busy lately, signing content and technology agreements with nearly every company that matters.

The company's interactive program guide (IPG) technology is getting into set-top boxes by the likes of Panasonic, Samsung, and Philips (NYSE:PHG) within the next couple of quarters. The mobile version is moving into cell phones powered by Verizon (NYSE:VZ) and Sprint (NYSE:S) calling plans, and Gemstar nabbed content agreements with Google (NASDAQ:GOOG), Yahoo! (NASDAQ:YHOO), and Time Warner's (NYSE:TWX) AOL.

In other words, wherever you may be looking for tonight's TV listings, chances are that the venerable TV Guide stands behind the data, one way or another. And if you missed a few names on that list, it's most likely because the hardware or broadcasting company you were thinking of already had a long-term deal in place.

Most of these new contracts won't bring in revenues for another couple of quarters -- but when they do, this gemstone will take on a new shine. See what can happen when you apply new technology to old assets and relationships?

Further Foolishness:

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Fool contributor Anders Bylund holds no position in any of the companies discussed here, but he's addicted to reality talent shows. Call it a guilty pleasure, or call it work -- it's all good. You can check out Anders' holdings if you like, and Foolish disclosure is always worth a read.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.