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Posted October 16, 2012 by Zeth in News
 
 

IGN remains unsold – specialists consulted

IGN_logo
IGN_logo

Who knew that IGN currently stood for “Buyers?  It’s Got None!”….

News is circling the internet plughole at the moment about the sale of IGN.  For a few months now News Corp., current owners of the popular series of sites, have been looking for prospective buyers to help them offload their investment in IGN.

The report in the Wall Street Journal cites sources close to both News Corp. and Allen & Co, the bank hoping to help make a deal, in saying that a purchase has yet to be completed after “initial sale efforts failed to produce a deal.”.  News Corp. purchased IGN, along with other entertainment sites like UGO, Team Xbox, Gamespy etc, back in 2005 for $650 million .

There appears to be some interest in the company though as several private equity firms, as well as Brake Media & SAY Media, have made mutters to that effect.

Current pricing estimate put together by the Wall Street Journal would place IGN at $100 million – a hefty drop of $450 million from the 2005 purchase price.  This appear to be a current trend for News Corp.  who not long ago took a bath on their purchase of MySpace – purchased for $280 million in 2006, sold for $35 million last year.

After the loss of IGN’s  chief executive Roy Bahat back in August & then News Corp.’s own chief digital officer, Jon Miller, only a few days later, it’s not hard to see the sale is gathering in urgency.  Let’s hope a buyer can be found for the site soon.

Source: WSJ


Zeth

 
Zeth is our EU ninja and Editor in Chief. He's been writing about video games since 2008 when he started on BrutalGamer. He's pretty old and has been a gamer since he played Space Invaders as a young boy in the 80's. His genre tastes lean towards platformers, point-and-click adventure, action-adventure and shooters but he'll turn his hand to anything.