• MediaMemo, Monday, May 2, 2011 11:32 AM

Continuing to streamline its Web properties, News Corp. has decided to spin off IGN.com, MediaMemo is reporting. "The goal is to create a standalone Web business that will focus primarily on videogame news, reviews, and culture. News Corp. is weighing taking on outside investors for IGN in advance of the split; IGN may also acquire other properties before the move."

IGN has already agreed to buy Hearst's "dudes-and-games-centric" UGO.com. Roy Bahat, who has been running IGN for News Corp. since 2007, will reportedly run the new company. Unlike its efforts to unload MySpace, News Corp.'s efforts to spinoff IGN isn't, in MediaMemo's words, "a disposal of an impaired asset." Rather, people familiar with IGN's operations say it is growing and profitable. Indeed, IGN expects to earn more than $10 million this year on revenues of around $100 million. "The idea is that IGN will be able to grow much faster if it isn't operating inside Rupert Murdoch's company."

Read the whole story at MediaMemo »