"Leading Gaming and Social Networking Service to Join MTV Networks’ World-Class Global Multiplatform Portfolio
NEW YORK and MENLO PARK, CA, April 24, 2006 – Viacom Inc. (NYSE: VIA and VIA.B) today announced that it has reached a definitive agreement to acquire Xfire, Inc., the fastest-growing online gaming communication and community platform in the world, for $102 million in cash.
The acquisition brings Viacom and its MTV Networks unit the premier community that connects online gamers. Xfire and its users fit squarely into the Company’s multiplatform strategy to build an engaging universe of music, gaming, entertainment, news, networking and interactivity for focused audiences. As part of MTV Networks, Xfire will be better able to maximize its advertising revenues through more aggressive marketing, greater global penetration and comprehensive integration with the Company’s other digital and cable properties that address the gaming demographic.
Launched in 2004, Xfire has four million registered members who use its software. Its one million active users average 91 hours per month, with an average session length of over three hours. The robust, ad-supported Xfire application supports hundreds of the latest PC games and provides social networking, instant messaging and information for online gamers. In addition, the Xfire application provides traffic to its popular website, featuring forums and gaming downloads.
Tom Freston, President and Chief Executive Officer of Viacom, said, “On both a strategic and an economic level, this is a terrific deal for Viacom. Xfire is far and away the leading PC gaming communications and community platform, has outstanding management, and is a perfect fit with our growing digital businesses at MTV Networks. It's a bull's eye against our young audiences.”"
Force: Dynamic Life Drawing for Animators
Check it out...