MTV Set to Purchase Atom Entertainment
Viacom’s MTV Networks has announced its intent to purchase Atom Entertainment, an online entertainment company whose holdings include the Atom Films indie film site, a user-generated video site, and two online casual gaming sites. MTV is shelling out $200 million for Atom, which makes its money through ads, subscriptions and game sales. MTV has been buying up online entertainment sites as of late, including last year’s purchase of IFILM–another ad-supported video site–for $49 million.
“Atom Entertainment is a best in class and dynamic property, with brands that have dedicated, passionate followers and content that resonates with our global audience,” said MTV Networks CEO Judy McGrath in a statement. ” This acquisition is in line with our business strategy of being a leader in the digital space and connecting with consumers on every platform and device they use.”
Atom’s casual gaming sites, Shockwave.com and AddictingGames.com, will go along with MTV’s existing online gaming offerings on Nick.com and Neopets. MTV estimates that the addition of Atom’s sites will bring its total number of casual gamers up to around 50 million. The deal is expected to be completed some time in the third quarter of 2006.
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