News Corp. to Auction IGN to the Highest Bidder

The Wall Street Journal is today reporting that News Corporation is putting together an auction to sell off IGN. News Corp., which may more commonly known as the owner of Fox, acquired IGN Entertainment in 2005 for $650 million. While was the centerpiece of the aquisiton, other assets included UGO, GameSpy, TeamXbox and more — many of which have since been closed or sold off. WSJ is predicting IGN to go for about $100 million — a high estimate considering the once-huge MySpace sold for just 35 million one year ago.

Rupert Murdoch is likely reeling from these retrospectively poor business decisions; multiple websites were acquired assuming the internet boom would continue, when in reality, they were purchased at their pinacle of value and popularity.

Rumblings have been going on at lately, with many staff shake-ups including a new Editor-in-Chief (our own Casey Lynch) being brought in last year , IGN executive Roy Bahat resigning in August and a complete redesign last month.

News. Corp will be working with investment bank Allen & Co on the sale, which has yet to be detailed. This comes after the apparent failure of an initial sale.