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

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

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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12 Comments

  1. Ali

    IGN does more harm to gaming than good. Seeing it gone is something I am looking forward to.

    #1 2 years ago
  2. zinc

    ^ Unfairly harsh. Did they give a 8 to a game you thought was a 10?

    #2 2 years ago
  3. SlayerGT

    @1 A bit much there me thinks.

    #3 2 years ago
  4. JimFear-666

    @2 most of people who hate ign hate the website only because its a “one of the biggest gaming website”.

    the same can be heard in music industry. some people will like underground artist and when the artist become mainstream they will stop listening to this artist music.

    #4 2 years ago
  5. OlderGamer

    They are going to take another heavy hit.

    Doesn’t it stand to reason that the site has lost some value due to the lagging console gen cycle? Could that value rebound some going forward as new systems come out?

    #5 2 years ago
  6. Dragon246

    Recently IGN has been expanding, with asia pacific and middle east version.
    I wonder how that worked out……

    #6 2 years ago
  7. Giskard

    @6 And a crappy Swedish version which contains translated articles, which I have to click past if I want to get to the actual site. Brilliant idea that.

    #7 2 years ago
  8. SlayerGT

    @5 OG its sad but I don’t go there too often anymore because I do most of my news reading on my shitty phone..and ign doesn’t format well on here. Which bums me out cause I like a lot of the guys that work over there and I value their opinions and entertainment they provide. I enjoy their podcast and videos. Neither of which I can access well on my phone. I’m not sure if anything can “help” them. To me it seems that games have blown up so fast, there are more than enough places popping up with similar content. Like anything its becoming harder to differentiate themselves. Much like games maybe becoming smaller and more niche is the answer..idk.

    Hear that Pat!? Don’t fuck with VG’s format! ;) I can jump in, get my fix, and jump out quick like.

    #8 2 years ago
  9. Yoshi

    @8 What phone do you have? I know they have an Apple app which is quite nice but not sure about Android.

    #9 2 years ago
  10. SlayerGT

    @9 Windows..HTC Radar

    #10 2 years ago
  11. Edo

    I thought Activison already owns them…or was it EA……

    #11 2 years ago
  12. Doz

    @6 you can simply bookmark http://www.ign.com/?setccpref=US if you want to bypass the local edition, which is obviously for non English speaking users.

    #12 2 years ago

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