MTV Acquires iFilm for $49 Million

Viacom subsidiary MTV Networks has agreed to purchase iFilm, a site that hosts video content from users, amateur filmmakers and some larger movie studios. The deal, valued at $49 million, will keep iFilm CEO Blair Harrison in place and the company will remain in Hollywood.

iFilm joins the growing number of online efforts by MTV. The company recently purchased youth community Neopets and launched MTV Uber, a 24-hour Web based music channel. "This move is at the heart of MTV Networks multi-platform strategy and meshes with our tradition of cultivating independent and creative brands," said Judy McGrath, MTV Networks CEO.