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ruby
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Sep 14, 2005, 8:59 PM
Post #1 of 1
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IGN Bought by News Corp for 650 Million -DVG NExt?!
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News Corp is in the midst of buying IGN Entertainment for about $650 million. The acquisition follows News Corp. deals to buy online sports company Scout Media last month and Intermix, owner of the popular MySpace.com social networking site, in July.
With its new properties, News Corp. is trying to cash in on an online advertising boom that has propelled Internet media and search companies Yahoo and Google.
The News Corp. strategy could shake up other media conglomerates who have mainly used the Internet to extend their television or print properties rather than create a new experience under a recognizable brand, analysts said. Others said the combined $1.2 billion price tag for IGN and Intermix was steep and based on high growth expectations. News Corp shares fell 4 cents to $17.28 in afternoon trading.
IGN is controlled by private equity firm Great Hill Partners and operates Web sites for video game enthusiasts, including TeamXbox.com and GameSpy.com, as well as movie review site RottenTomatoes.com and male lifestyle network AskMen.com. The company also provides technology for online game playing.
IGN revenue in the first half of 2005 more than doubled to $28.7
million from $14.1 million a year ago, according to a filing with U.S.
securities regulators. Its net loss narrowed to $7.5 million for the
period from $11.6 million. IGN will become part of the newly minted Fox
Interactive Media unit, which will also oversee Intermix and Scout.
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