New York - Hearst Corporation, which owns major interests in a variety of newspapers, TV stations and cable networks, announced on Tuesday that it has acquired UGO Networks, a network of entertainment sites targeting young men.

While financial terms of the transaction were not disclosed, Forbes.com estimated the purchase price at $100 million.

Nine-year-old, New York-based UGO Networks draws 11 million unique visitors per month to its site, which offers news and content related to video games, movies, TV, DVDs, music, sports, women and comic books.

UGO will be managed by Hearst Interactive Media, which is headed by president Kenneth Bronfin.

"UGO Networks will be another building block in Hearst's growing Interactive Media division," said Hearst president and CEO Victor F. Ganzi.

"This merger with UGO Networks will allow us to expand our digital media lineup and to broaden the range of our entertainment properties."

Related Links:
http://tinyurl.com/3ayhah

http://tinyurl.com/2bbwek (Forbes)

http://www.hearst.com

http://www.ugo.com