MTV pays $200m for Atom, Viacom profit up
MTV is paying US$200m to acquire Atom Entertainment, one of the dotcom era's best known survivors, famed for the shorts website AtomFilms.com, as parent Viacom reports Q2 profit up 27%.
The Atom deal adds to MTV's growing portfolio of digital properties, which already includes one of AtomFilms rival iFILM, bought out last October for $50m.
Together with AtomFilms, MTV also picks up its parent's other web properties - Shockwave.com, AddictingGames.com and AddictingClips.com - as part of the $200m purchase.
MTV has been on a digital shopping spree since the middle of last year when it bought out online youth community site NeoPets, with a reported price tag of $160m. Since then, it has snapped up other businesses including XFire, Y2M and GameTrailers.com.
The Viacom-owned company is understood to have missed out on MySpace, however, the world's largest social networking website, which hit its 100 millionth subscriber this week, and was bought out by News Corp for US$580m last September.
Commenting on the Atom Entertainment deal, Viacom chief executive Tom Freston said: "This acquisition is right on the money with our digital strategy. It adds great scale with users, improves our casual gaming position, and brings a world-class digital video library and a fantastic management team."
Source link: c21media.net...
The Atom deal adds to MTV's growing portfolio of digital properties, which already includes one of AtomFilms rival iFILM, bought out last October for $50m.
Together with AtomFilms, MTV also picks up its parent's other web properties - Shockwave.com, AddictingGames.com and AddictingClips.com - as part of the $200m purchase.
MTV has been on a digital shopping spree since the middle of last year when it bought out online youth community site NeoPets, with a reported price tag of $160m. Since then, it has snapped up other businesses including XFire, Y2M and GameTrailers.com.
The Viacom-owned company is understood to have missed out on MySpace, however, the world's largest social networking website, which hit its 100 millionth subscriber this week, and was bought out by News Corp for US$580m last September.
Commenting on the Atom Entertainment deal, Viacom chief executive Tom Freston said: "This acquisition is right on the money with our digital strategy. It adds great scale with users, improves our casual gaming position, and brings a world-class digital video library and a fantastic management team."
Source link: c21media.net...
mljevar - 11. Aug, 00:01