UGO Acquired By Hearst

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cashmoney.jpgToday, UGO Networks announced that it has officially been acquired by the Hearst Corporation. The deal, which will be completed in the next few weeks, signifies an important move by Hearst to venture further into interactive media and bring traditional reputability to the interactive market. The terms of the acquisition went undisclosed and are subject to the normal regulatory approval.

Hearst gains one of the top men’s lifestyle brands in the business with the acquisition. Serving up-to-date news and content on movies, games, films, DVDs, music, sports, women and comic books, UGO reaches an audience of 28 million users worldwide with 11 million being in the U.S. The company is completely supported by ad revenue and specializes in “high-touch” advertising for blue-chip brands.

Victor F Ganzi, president & CEO of the Hearst Corporation stated, “UGO Networks will be another building block in Hearst’s growing Interactive Media division. This merger with UGO Networks will allow us to expand our digital media lineup and to broaden the range of our entertainment properties.”

Kenneth Bronfin, president of Hearst Interactive Media (which is the division Hearst will manage UGO under) added, “Over the years, J Moses and his team have developed UGO into a very strong Internet business, with a healthy mix of internal and third-party content. As an innovator in the digital entertainment space, UGO continues to build a very substantial, highly sought-after audience base.”

UGO Networks, Inc. CEO J Moses wrapped up the release with some final thoughts, “Now is the right time and Hearst is the right partner for UGO Networks. Our goal is to become the No. 1 rated men’s lifestyle site on the Web, and Hearst is committed to achieving it.”

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