News Corp. subsidiary IGN Entertainment confirmed today that it is purchasing Hearst Corporation's UGO Entertainment. Earlier this week reports surfaced that the high profile video gaming network would buy UGO and be spun off as a separate entity.
"This instantly catapults us to another level and positions us to serve and entertain tens of millions more fans," IGN president Roy Bahat said in a statement. "We look forward to providing an even richer service for users and advertisers. We are now actively considering a range of options to maximize IGN's long-term value."
In buying UGO Entertainment, IGN adds UGO.com and 1UP.com to the IGN family, along with the UGO ad network. Under the terms of the agreement, Hearst becomes an IGN shareholder and will have a say in how this new business is grown.
IGN claims that this new deal means the combined company is capable of reaching 70 million monthly visitors in the 18-34 male demographic range. IGN reaches 40 million, according to the announcement, with UGO sites adding 30 million more. ComScore rates their traffic a little higher, but those figures are in the ballpark.
IGN Entertainment is comprised of multiple game related web sites including IGN.com, Direct2Drive, GameSpy, FilePlanet, TeamXbox, and AskMen. The company also has an editorial deal with GameStop.com.