Summary:

As we reported first last month, Viacom and its division MTV Networks has bought out online video site iFilm, for about $49 million. The sit…

As we reported first last month, Viacom and its division MTV Networks has bought out online video site iFilm, for about $49 million. The site/comapany will continue to be run by CEO Blair Harrison, who will report to Jason Hirschhorn, Senior VP, Digital Music and Media, MTV Networks. The company will remain based in LA.

Variety: Hirschhorn added that Viacom, like its competitors, is keeping an eye out for other potential Net acquisitions. With its growing library, a video search company to help users sort through the huge number of clips would be a natural play.

Acquisition lets a number of investors in iFilm cash out, including Sony Pictures, Rainbow Media, Liberty Digital and Eastman Kodak as well as industryites Jeff Berg and Brad Grey.

Related: Exclusive: Viacom Close To Buying iFilm

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