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Posts Tagged ‘IGN Entertainment’

News Corp. Sells Videogame/Entertainment Sites for Less Than $100 Million

In 2005, News Corporation bought IGN Entertainment — which operates IGN.com and Askmen.com, among others — for $650 million. Today, after months of trying to fetch a good bid for the sites, News Corp. settled for the best offer it could get. According to Bloomberg News, News Corp. sold IGN to Ziff Davis Inc. for less than $100 million. That has got to hurt.

For Ziff Davis (which already owns sites like PCMag.com and Geek.com) the deal gives it a chance to expand the company’s influence among males, its main target audience.

“IGN and AskMen are tremendous best-in-class brands that we are proud to have as part of our digital media portfolio,” said Vivek Shah, CEO of Ziff Davis, in a statement.

 

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News Corp Partners with Bank to Sell Videogame/Entertainment Sites

As News Corp prepares to split its entertainment and publishing companies into their own entities, it’s looking to trim some fat. IGN Entertainment, which is a videogame/entertainment website, is part of that process. According to The Wall Street Journal, News Corp. is partnering with Allen & Co. — an investment bank — to sell IGN, after its own efforts failed to come up with a buyer.

Unfortunately for News Corp., IGN is only expected to fetch about $100 million, which is slightly less than the $650 million the company paid for the sites when it bought them in 2005.

Aside from IGN, other sites involved in the sale include AskMen.com, GameSpy.com, TeamXBox.com and VaultNetwork.com.

News Corp. Buys Videogame Sites from Hearst

News Corporation has acquired Hearst’s UGO Entertainment, which operates videogame news websites UGO.com and 1UP.com. News Corp.’s IGN Entertainment will operate the UGO brands, and Hearst will become a shareholder of IGN as part of the agreement.

IGN Entertainment President Roy Bahat said of the deal:

This instantly catapults us to another level and positions us to serve and entertain tens of millions more fans.

That’s right gamers, even you can’t escape the controlling grip of corporate America.