IGN Merging with New Company, Going Private

May 02, 2003 - San Francisco, CA: IGN Entertainment (Nasdaq: IGNX) -- home to IGN.com, the web's largest information and entertainment destination for gamers -- announced today the signing of a definitive agreement for the merger of IGN Entertainment, Inc. with a new corporation formed and majority-owned by Great Hill Partners, LLC. IGN co-founders Chris Anderson and Mark Jung (IGN's Chairman and Chief Executive Officer, respectively) will hold minority interests in the new company, and each has agreed in writing to vote in favor of the merger. IGN will be the surviving corporation in the merger. Following the transaction, IGN will no longer be publicly traded.

Now for a internet company that's trading a lot higher than some telephone companies and Kmart I would think it's not in their best intrests to do this. Which this could all be a precursor to some dramatic changes on the network that would cause their stock prices to bottom out. We'll just have to wait and see I suppose.

Their latest stock prices were in the 11.80 ranges (NASDAQ: IGNX) so getting 12 dollars a peice will be a deal for those who lost any money recently.