MTV Networks acquires IFILM

October 2005 -- MTV Networks, a unit of Viacom Inc. has acquired IFILM Corp., one of the leading video destinations on the Web, for $49 million.

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 continued commitment to being a leading multi-platform entertainment company.

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.

"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."

IFILM is one of the leading video-entertainment destinations on the Web, with the largest collection of viral and user generated video along with channels of the best short films, TV clips, and music videos and action sports. IFILM.com delivers more than 30 million streams per month, making it one of the top ten streaming media sites in the world.

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