IGN up for auction - Report
News Corp. will reportedly put the IGN network of video game and entertainment websites up for auction, after initial sale efforts failed; IGN expected to sell for around $100 million; Break Media and SAY Media reportedly among potential buyers.
IGN could be going up for auction, according to a report from the Wall Street Journal.
The paper reported that News Corp. is working with investment bank Allen & Co. on an auction to sell IGN's network of video game and entertainment sites, following a year of failed efforts to produce a sales deal.
According to the report, News Corp. publicly stated its intention to sell IGN Entertainment after news that it was preparing to restructure its internal publishing and journalism assets, separating them from its media and entertainment businesses.
News Corp. bought IGN in 2005 for a price tag of $650 million (a deal that also included other sites, such as GameSpy.com and TeamXbox.com), but now hopes to sell the network of video game and entertainment sites for around $100 million.
According to the report, Break Media and SAY Media are among potential buyers for IGN, although sources close to News Corp. told the paper that other potential bidders could include private equity funds.
Sales negotiations were affected by turnover at both IGN and News Corp., with the departure of IGN chief executive Roy Bahat in August, and the resignation of News Corp.'s chief digital officer, Jon Miller.
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