MTV Buys iFilm for $49 Million

MTV Networksannounced today it is buying online video provider iFilm for $49 million as part of an effort to expand the company’s Internet presence.

iFilm currently carries a large collection of movie trailers, amateur and user-generated video, short films, and some programming from Hollywood studios, and serves about 10 million visitors and 30 million streams per month.

MTV plans to promote iFilm across MTV’s existing Web sites, and boost iFilm’s reach and advertising revenue by offering MTV content to iFilm users. iFilm’s editorial content will remain independent from MTV, and iFilm CEO Blair Harrison will continue to run the iFilm operation from Hollywood. “We are thrilled about the acquisition of iFilm. This move is at the heart of MTV Networks multi-platform strategy and meshes with our tradition of cultivating independent and creative brands,” said MTV CEO Judy McGrath.

“iFilm and its audience have spent the last seven years building the largest library of video and the most active community of people focused on creating, sharing and watching it online. In MTV Networks, we have found a partner with ultimate respect for strong independent brands and the resources, expertise and desire to help grow them. Now, together, we will turn iFilm into another household name in the MTV Networks family,” said Harrison.