News Corporation will acquire IGN Entertainment, a community-based Internet media and services company for video games and other forms of digital entertainment, for approximately $650 million in cash. IGN will become a part of News Corp.'s new Fox Interactive Media unit.
GN's major video game-related properties include IGN.com, GameSpy, GameSpy Arena, FilePlanet, TeamXbox, 3D Gamers, Direct2Drive, GameStats.com and a number of web sites within the Vault and Planet networks.
Rupert Murdoch, News Corporation's Chairman and CEO, said: "With the acquisition of IGN and its 28 million unique users, we have gone a long way toward achieving two of our key strategic objectives in our efforts to become a leading and profitable internet presence. First, we have significantly enhanced our online reach, strengthening our position as the fifth most trafficked presence on the web. We also become the fourth largest network in terms of monthly page impressions. And second, we have furthered our strategy to leverage the unique competencies the company enjoys with its news, sports, and entertainment assets to create a leading internet destination."http://www.newscorp.com
- In July 2005, News Corporation announced the formation of Fox Interactive Media (FIM), a new unit that will consolidate the company's Web properties. FIM will manage interactive assets from all Fox divisions - including foxsports.com, foxnews.com and fox.com, as well as coordinate the owned-and-operated television station web properties. The company said it will focus on creating a robust broadband experience leveraging the vast current and archive video assets, while also building an integrated hub of dynamic content with multiple points of entry, seamless navigation and the ability to customize and personalize.
Ross Levinsohn was named President of FIM, which will be based in Los Angeles.
