MTV Networks Acquires iFilm

Viacom Inc.'s MTV Networks unit took a further step to broaden its Internet exposure, announcing that it has taken over privately held online video destination iFilm Corp. for $49 million.

Hollywood-based iFilm has earned a reputation as a buzz-builder, with its more than 10 million users per month and the delivery of more than 30 million streams per month. It says it features the largest library of short-form entertainment video content on the Web, with programming coming from Hollywood studios, amateur filmmakers and user-generated content.

Among the site's content are movie trailers, video clips, TV show clips, video game trailers and more. The deal will allow MTV Networks and Viacom to get further access to the fast-growing online advertising market and give its content businesses, including Paramount Pictures, a chance to potentially develop creative and talent featured on iFilm. The Web site, on the other hand, will get easier access to Viacom's libraries of content.

Open Banking Usage to Grow by 470 Percent

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