IGN Being Put Up for Auction by News Corp
A post on GamesIndustry from yesterday reports that video game news and media network, IGN, will go up on the auction block in the very near future. Citing a report in the Wall Street Journal (behind a pay wall), News Corp has been searching for a buyer to take IGN and the associated UGO and 1up gaming networks off their hands over the past year, to no avail. Now, News Corp is working with investment bank Allen & Co. on auctioning IGN and its video game-related partner networks to the highest bidder.
News Corp—the company behind the Fox media empire—purchased IGN for $650 million in 2005. That was the same year News Corp bought MySpace (remember MySpace?), which they unloaded for a fraction of the purchase price last year.
According to the post, the Wall Street Journal (which also happens to be owned by News Corp) estimates that IGN could sell for $100 million if it goes to auction. IGN has yet to make a public comment on the news of their possible sale. Either way, it can’t be too fun to deal with this kind of thing right now. Best of luck to everyone, and let’s hope that no one loses their job when the dust settles on this situation. There’s been too much of that going on lately.