IGN to Merge with UGO, Spin Off from News Corp.
The story comes from All Things Digital, which reports that IGN (a subsidiary of Fox News-owning News Corp.) is buying UGO (a chunk of the Hearst media empire) before IGN separates from News Corp. to become its own separate company.
News Corp. paid $650 million for IGN back in 2005, while Hearst paid $100 million for UGO in 2007. According to the All Things Digital story, IGN is “growing and profitable” with profits this year expected around $10 million, so it isn’t that News Corp. is looking for a way to unload a dying site like it is MySpace.
Via Venture Beat.