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News Corp. Acquires IGN for $650 Million

By the end of this year, IGN Entertainment will officially be a part of News Corp.'s newly minted Fox Interactive Media unit. IGN is the third Internet acquisition this year for the media giant, which has been seeking ways of increasing its online presence. You have to wonder, will GameSpot parent company CNET be next on Murdoch's list?

Media mogul Rupert Murdoch, News Corporation's Chairman and Chief Executive Officer, is now very much a part of the video game industry, as News Corp announced today that it "signed a definitive agreement" to purchase IGN Entertainment, Inc. for approximately $650 million in cash.