LOS ANGELES | December 1, 2011 - Redwood Capital ("Redwood") would like to congratulate Covert and Company on completing the sale of UGO to News Corporation. "It was a pleasure partnering with the Covert & Co. team on completing the deal" said Nathan Johnson, Managing Partner of Redwood. "Without quality execution on the part of both Redwood and Covert & Co, this deal would not have been possible" said Covert & Co's Kevin Covert.
News Corporation's IGN Entertainment announced the acquisition of Hearst Corporation's UGO Entertainment, an agreement that will create a clear leader in video games media. IGN Entertainment will nw operate its existing properties along with UGO.com, 1UP.com and UGO's entire network of owned and affiliated properties. Under the terms of agreement, Hearst Corporation will become a shareholder of IGN and will be an active participant in the development of the business.
About News Corporation.
News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) had total assets as of December 31, 2010 of approximately US$57 billion and total annual revenues of approximately US$33 billion. News Corporation is a diversified global media company with operations in six industry segments: cable network programming; filmed entertainment; television; direct broadcast satellite television; publishing; and other. The activities of News Corporation are conducted principally in the United States, Continental Europe, the United Kingdom, Australia, Asia and Latin America.