IGN, the Brisbane, CA-based online gaming media company, has filed for an IPO on Nasdaq, instead of a rumored sale. The number of shares to be sold in the proposed offering and the offering price have not yet been determined.
NYPost mentioned late last month that Viacom or Yahoo might have been interested in the buyout, but seems like that didn’t happen.
The company’s properties include IGN.com, GameSpy, Rotten Tomatoes, AskMen.com, FilePlanet, Direct2Drive, TeamXbox, 3D Gamers, GameStats.com and a number of owned and affiliated sites within its Planet and Vault networks.
This paragraph in its filing should be instructive: “As a result of our restructurings and recent acquisitions, we have a short operating history under a relatively new and unproven business model, which might make it difficult for you to evaluate our future prospects and which increases the risk of your investment. In addition, we have experienced losses every year, including a net loss attributable to holders of common stock of $18.9 million in 2004 and $3.4 million in the three months ended March 31, 2005. As of March 31, 2005, we had an accumulated deficit of $23.3 million.”
Also read the page 7 and 8 for charts on its revenues and operating expenses…you might be in for a suprise.
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