MUMBAI: MTV Networks has acquired IFilm Corp, which is one of the leading video destinations on the web, for $49 million.
The announcement was made by MTV Networks chairman and CEO Judy McGrath.
IFilm is a leading aggregator and distributor of video online featuring programming from Hollywood studios, amateur filmmakers, and user-generated content. The site has the biggest library of short form entertainment video on the web and reaches over 10 million users per month.
The acquisition of IFilm coupled with the recent purchase of Neopets, the world’s fastest growing youth community on the Internet, and MTV Networks’ strong digital offerings, highlights the company’s commitment to being a leading multi-platform entertainment company.
IFilm will continue to be run by CEO Blair Harrison, who will report to MTV Networks senior vice president digital music and media Jason Hirschhorn. The company will remain based in Hollywood.
"We are thrilled about the acquisition of IFilm. This move is at the heart of MTV Networks multi-platform strategy and meshes with our tradition of cultivating independent and creative brands. We’re combining the top brands in all digital media with our global reach and programming expertise to speak to consumers everywhere they live their lives. Additionally, with IFilm's strong business profile and growing traffic, we see significant opportunities for us to increase our online advertising revenue," said McGrath.
"IFilm has been a major catalyst of online viral video and allows consumers to become publishers. MTV Networks wants our audience to share the stage and program to one another. The expansive content on the site makes it a must-visit - IFilm is simply one of the most vibrant online destinations out there. We look forward to growing its user base and business opportunities together. We’re also excited about the partnership potential with our established brands like MTV, MTV2, mtvU, the N, Comedy Central, SpikeTV and VH1," said Hirschhorn.
"IFilm and its audience have spent the last seven years building the largest library of video and the most active community of people focused on creating, sharing and watching it online. In MTV Networks, we have found a partner with ultimate respect for strong independent brands and the resources, expertise and desire to help grow them. Now, together, we will turn IFilm into another household name in the MTV Networks family,” said Harrison.
