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Hearst Announces Acquisition of UGO Networks

07.24.07

New York - Hearst Corporation announced yesterday that it will acquire UGO Networks, Inc., a leading online entertainment company. The announcement was made by Victor F. Ganzi, president & CEO, Hearst Corporation, J Moses, CEO of UGO Networks, Inc., and Kenneth Bronfin, president of Hearst Interactive Media, the division within Hearst that will manage UGO. The privately held companies will complete the deal within the next several weeks. The acquisition is subject to regulatory approval. Terms were not disclosed.

ZelnickMedia was a long-term investor in and advisor to UGO Networks. Strauss Zelnick served on the Board of Directors since 2000, and Jordan Turkewitz worked actively with the company on various strategic initiatives.

With this acquisition, Hearst will gain, according to Ganzi, “one of the most popular men’s lifestyle brands on the Web. UGO.com, the flagship Web site, is a first-stop destination for the latest news and content on games, movies, television, film, DVDs, music, sports, women and comic books.” With an audience of over 11 million unique visitors in the U.S. and nearly 28 million worldwide, UGO reaches one in 10 online users in the highly coveted male 18-to-34-year-old demographic. UGO is entirely supported by advertising revenue and specializes in effective and customized advertising for blue-chip brands.

About UGO Networks, Inc.

UGO Networks is the ultimate online entertainment playground for people with “Gamer DNA.” UGO engages its massive audience with interactive content and information about the hottest games, movies, TV shows, music, comics, technology, sports and celebrities. The company delivers customized, high-impact advertising programs for its world-class client base. UGO Networks, Inc. is headquartered in New York City. Experience UGO at www.ugo.com.