News Corp Preparing To Auction Off IGN
News Corporation is working with Allen & Co. to auction off the IGN Entertainment division of the company. IGN has a network of pop culture websites with an emphasis on video games. IGN’s websites has hub pages for the Xbox 360, PlayStation 3, TV, movies, and technology.
News Corp. acquired IGN’s websites for $650 million in 2005. News Corp is expected to sell the same websites for around $100 million according to The Wall Street Journal. News Corp. is selling this property at a major loss just like what happened to MySpace. News Corp. bought MySpace for $580 million in 2005, got their butts kicked by Facebook, and then sold MySpace.com off for $35 million in 2011.
Some of the parties that are interested in making a deal with News Corp. for IGN include Break Media and SAY Media. In May 2011, IGN acquired the UGO websites from Hearst, which included the website 1UP.com as part of a merger. The merger would lead to IGN spinning off into its own company. However the spin-off never happened. Stay tuned to Pulse2 to find out what happens to IGN next.
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry