MTV Networks acquired online film provider IFILM Corp. (www.ifilm.com) for $49 million, the programmer said Thursday.
IFILM described itself as an online aggregator and distributor featuring programming from Hollywood studios, amateur filmmakers and user-generated content. The company added that it has the biggest library of short-form entertainment video on the Web, and it reaches more than 10 million users per month.
IFILM will join NeoPets Inc. in MTVN’s online stable. The programmer acquired NeoPets -- a global online-entertainment network that prompts members to create and care for “virtual pets” that inhabit a mythical land called “Neopia” -- in June.
MTVN said IFILM will continue to be run by CEO Blair Harrison, who will report to MTVN senior vice president of digital music and media Jason Hirschhorn. IFILM will remain based in Hollywood.
“This move is at the heart of MTV Networks’ multiplatform strategy, and it meshes with our tradition of cultivating independent and creative brands,” MTVN chairman and CEO Judy McGrath said in a prepared statement.
“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,” she added. “Additionally, with IFILM’s strong business profile and growing traffic, we see significant opportunities for us to increase our online-advertising revenue.”