NEW YORK Publisher Hearst Corp., seeking a bigger chunk of the male Internet audience, will acquire Ugo Networks Inc., a network of Web sites devoted to video games, movies and other entertainment, the company said on Tuesday.
Hearst said it would manage the privately held company within its Hearst Interactive Media unit. Terms were not disclosed.
Ugo's audience comprises more than 11 million monthly visitors in the United States and nearly 28 million worldwide, with a heavy concentration of male viewers aged 18 to 34 who are coveted by advertisers.
"There's a lot of focus on entertainment, whether new movies or DVDs," Hearst Interactive President Kenneth Bronfin told Reuters. "We're appealing to this demographic by what they love to do on the Internet."
"This is the first operating division within my group and we will help to grow it and do additional acquisitions," he said.
Ugo will remain a separate operating entity within Hearst, and Chief Executive J Moses will remain with the New York-based company. Ugo has 82 employees.
Hearst Corp. publishes dozens of newspapers and magazines including the San Francisco Chronicle and Cosmopolitan magazine. Hearst Interactive has previously taken investment stakes in the digital media sector, including women's community site iVillage, Sling Media and Brightcove. (Reporting by Michele Gershberg)