News Corp. has begun taking bids for the IGN Entertainment online network of websites, which it paid $650 million for in 2005. The media conglomerate expects to get around $100 million for IGN, as it tries to divest itself from the video game network. This isn’t the first loss that the company has suffered from investing in a website. The company notoriously sold MySpace last year for $35 million after spending $580 million for the social network in 2005.
The IGN network consists of a variety of popular websites include AskMen, 1Up and Gamespy among many others. Break Media and SAY Media are reportedly interested, as well as a few private equity firms.