MTV to Acquire Atom Films, Other Sites
MTV Networks said Wednesday it had entered into an agreement with Atom Entertainment to acquire the company for $200 million. The company runs four Web sites including the popular AtomFilms.com and Shockwave.com, as well as gaming site AddictingGames.com and video site AddictingClips.com.
The acquisition of Atom marks a continuing effort by MTV to advance its multiplatform entertainment strategy. The company recently acquired entertainment brands XFIRE, Y2M, GameTrailers.com, IFILM, and Neopets.
"[Atom] adds great scale with users, improves our growing casual gaming position, and brings a world-class digital video library and fantastic management team," Tom Freston, CEO of MTV Networks' parent company Viacom, said in a statement.
With the addition of Atom's gaming sites, MTV Networks will become a leading force in casual gaming, with 50 million gamers playing more than 400 million games per month. The video sites would further expand the company's broadband multimedia offerings, now offered across 24 broadband channels.
"Leveraging MTVN's platform will accelerate our growth and create new opportunities for both consumers and advertisers," Atom CEO Mika Salmi said. "We are proud of the business we've built and look forward to working together with MTVN to lead the way in the casual gaming and short-form video content business."
The acquisition is expected to close by the third quarter of this year.