Murdoch to Acquire IGN
Rupert Murdoch’s News Corp. made its latest acquisition in the Internet sector Thursday, agreeing to pay $650 million in cash for online video-game company IGN Entertainment Inc.
The purchase comes on the heels of News Corp.’s $580 million cash deal to acquire Intermix Media Inc., owner of the popular social networking site, MySpace.com.
Murdoch told investors in a conference call last month that he intends to make a strong push in building up his company’s Internet presence, saying online businesses would be a “major part” of the future growth of his media conglomerate, which includes the Fox broadcast network, the Twentieth Century Fox movie studios and DirecTV.
Source: Red Herring.
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