Ziff Davis Media Sells 1UP Digital Assets to UGO Entertainment, a Division of Hearst Corporation
Sale Allows Ziff Davis Media to Focus Solely on its Core PCMag Digital Network Business
Final Print Edition of EGM to be Distributed in January ‘09
NEW YORK--(BUSINESS WIRE)--Ziff Davis Media, one of the nation’s leading technology media businesses, announced today the sale of the 1UP Digital Network, including 1UP.com, MyCheats.com, GameVideos.com and GameTab.com to UGO Entertainment, a division of Hearst Corporation
Ziff Davis Media’s EGM Magazine will be discontinued. The January ‘09 issue will be the final printed issue.
“We believe this is a smart transaction for Ziff Davis Media that places these market leading assets and teams in a great environment poised for further success. The transaction allows us to pay down debt and shift our full focus to our core PCMag Digital Network business. We thank our 1UP team members for their contributions and wish them the best of success into the future”, said Ziff Davis Media CEO Jason Young.
“Since we started UGO 11 years ago, we have served the gamer community and built a world-class online publishing platform,” said J Moses, CEO of UGO Entertainment. “The acquisition of 1UP, with its authentic voice, tenured editorial personalities and bustling user community, allows us to expand our base of quality content and represents a major step forward in UGO’s mission to become the leader in the games space.”
Ziff Davis Media recently announced the launch of the PCMag Digital Network reflecting a move to a 100% digital position for its flagship brand. The PCMag Digital Network leverages its quality content and audience to offer marketers a unique combination of solutions that enable strong brand positioning, while driving measurable response results. More announcements about the future growth and expansion of The Network will be issued in the coming months.
GCA Savvian Advisors acted as exclusive financial advisor to Ziff Davis Media on the transaction.