New York - Viacom’s (NYSE: VIA) MTV Networks announced on Monday that it has acquired Social Project, the company with whom it collaborated on the development of its Flux social media platform.
Financial terms of the transaction were not disclosed.
MTV previously invested in Santa Monica, Calif.-based Social Project’s precursor company, TagWorld, back in 2006.
Flux, which allows users to interact across a network of over 1,000 entertainment-related websites, now counts more than 7.5 million registered users, including 600,000 on MTV.com alone.
MTV said the deal will allow it to accelerate the introduction of Flux across its portfolio of sites, and that it will take a more active role in recruiting new external Web publishers to join the Flux network.
"Social Project’s talented team brings a wealth of knowledge and expertise to MTV Networks, and I’m excited to work with them as we extend the reach of Flux across our brands and the overall digital landscape," said Joshua Dern, the newly appointed vice president and general manager of social media for MTV Networks..