MTV Networks Acquires IFILM

Viacom’s MTV Networks has acquired IFILM, one of the top online portals for animated shorts and other video pieces from both Hollywood studios and amateur filmmakers. The $49 million deal follows on the heels of MTV Networks’ purchase of Neopets, a popular youth web destination for virtual pets.

Hollywood-based IFILM, which reaches more than 10 million users per month, will remain under the leadership of CEO Blair Harrison, who will report to Jason Hirschhorn, senior VP of digital music and media for MTV Networks.

“This move is at the heart of MTV Networks’ multi-platform strategy and meshes with our tradition of cultivating independent and creative brands," says MTV Networks chairman and CEO Judy McGrath. "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.”

Featuring short films, TV clips, music videos and action sports for download, delivers more than 30 million streams per month, making it one of the top ten streaming media sites in the world. Among other things, MTV Networks will use the platform to promote programs offered on MTV: Music Television, MTV2, VH1, Mtvu, Nickelodeon, Nick At Nite, Comedy Central, TV Land, Spike TV, CMT, Noggin, Logo, MTVN International and The Suite From MTV Networks.