News Corp Buying Gaming Media Company IGN

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News Corp and its digital media unit Fox Interactive have made its second big acquisition, bigger than people expected: it has bought out Brisbane, CA-based IGN, the online gaming media company. IGN sites include IGN.com, GameSpy.com, and TeamXbox.com, mainly appealing to game-playing audience of young males, and would possibly mesh well with MySpace.com and other FIM propeties, including FoxSports.com and Scout Media sites.
Last year IGN acquired GameSpy.com and Rottentomatoes.com; this year it acquired the lifestyle site AskMen.com.
WSJ reports that the sale price was in the $650 million range, which was on the lower side of what it was shopping itself around for ($600-$800 million).
News Corp beat out Viacom for the sale, according to the story.
IGN filed for an IPO in July, and its S-1 revealed that it has not yet profitable. From its S-1 and amended S-1 filed later: “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 2004, we had a net loss attributable to holders of common stock of $18.9 million, and in the six months ended June 30, 2005, we had a net loss attributable to holders of common stock of $7.5 million.”
We’ll have more details later in the day…
Related:
IGN Acquisitions & IPO: Some Numbers
IGN Added To News Corp-FIM Buyout Rumor
IGN Entertainment Files For IPO, Instead Of Sale
IGN Entertainment Mulls Sale, IPO