According to a Wall Street Journal report citing sources on close to the situation, News Corp. has enlisted the services of investment bank Allen & Co. to help sell off IGN and its network of video game and entertainment sites via an auction. This, the report claims, comes on the heels of a year of failed negotiations to sell the spun-out division for $100 million. Companies that showed some interest included Break Media and SAY Media, according to WSJ. News Corp. bought IGN in 2005 for $650 million and includes such sites as GameSpy.com, FilePlanet, and TeamXbox.com. It also owns the GameSpy multiplayer technology.
Interestingly, the Wall Street Journal is as close as you can get to the situation because it, along with other companies such as Fox News, Fox Business, and Twentieth Century Fox, is owned by the company. Rupert Murdoch, a staunch conservative, is the company's Chairman of the Board, Chief Executive Officer and largest shareholder.