News Corp. Reportedly Looking to Auction IGN Off, Bidding to Start at “Please Take It Already”
News Corp. and IGN‘s honeymoon has been over for a while now. It’s no secret that the former has been looking to offload the latter for at least a year and failing miserably. After a series of high-profile departures, all ongoing attempts to produce a sale have apparently fallen by the wayside. With that behind them, News Corp. is supposedly looking at auctioning IGN off with the help of an investment bank.
The [Wall Street Journal] 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.
As a footnote, News Corp. bought IGN for $650 million back in 2005; they’re looking for around $100 million now. That’s a mighty significant depreciation in value. That’s the Internet for you.