News Corp. enlists help of investment bank to offload IGN – report

By Stephany Nunneley, Tuesday, 16 October 2012 19:41 GMT

The Wall Street Journal is reporting that News Corp. has enlisted the help of investment bank Allen & Co. in order to auction off IGN after several attempts to find a buyer.

The report states News Corp. is looking to offload its videogame and entertainment websites via auction after “initial sale efforts failed to produce a deal.”

WSJ cites sources close to both sides of the matter.

Talks have been held with potential buyers over the course of the year, but a deal could not be reached.

WSJ expects IGN to go for around $100 million, well down on the $650 million News Corp. paid in 2005 for a number of sites which included IGN.com, UGO Entertainment, GameSpy.com and TeamXbox.com – several of which have already been sold or closed.

Break Media and SAY Media are just two of the larger groups reportedly to have shown interest. Others interested parties included private equity funds.

News Corp. sold Myspace last year for $35 million. It paid $580 million for the social networking site six years earlier.

IGN chief executive Roy Bahat resigned from in August. News Corp.’s chief digital officer, Jon Miller, resigned a few days later.

Via All Things D.

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