News Corp. In Talks To Acquire UGO From Hearst

Posted May 2, 2011

News Corporation (NASDAQ:NWSA) is in talks to acquire UGO.com from Hearst. News Corp. is planning to spin off IGN.com and sell off MySpace. News Corp. and Hearst have been discussing the deal through the weekend and an official announcement could be coming soon. Roy Bahat, the head of IGN.com, will most likely end up running UGO.com after IGN is spun off. IGN is expected to make $10 million this year on revenues of $100 million. News Corp. acquired IGN for $650 million in 2005. [AllThingsD]