IGN $140 million in debt
 

Looks like IGN is moments away from becoming another dead gaming site. Anyone else hear this? I give them 3 months....

You have an article to back it up?

If so, that's insane. What do they spend their money on? Don't all the writers drive beaters? Maybe it's their bandwidth from encoding entire games into quicktime files.

Well, screw 'em. They have gone consistently downhill the last 2 years (maybe less) anyways. What I wouldn't give to have GameFan back...

That figure can't be right! How does a place like that even get a $140 million line of credit....????

no poo, how the hell can a website be 140 million deep?

I think Mike is full of it. He hasn't posted any evidence to back it up.

Where's the link???

holy!! Thats a lot! Too bad though, even though IGN hasn't been as good as it used to be, its still one of the major gaming site networks out there. In fact, its the only network of sites that has different sites devoted to each console which is sorta cool. They have a big database of reviews, pictures, and movies too that I check out occasionally when I come across a game I've never heard of, it would suck if they went offline and were gone.

OKay, I'm going to say 140 million is IMPOSSIBLE.. This is basically an online magazine... they wouldn't be able to reach 14 million of debt before they had their doors forcefully shut, let 140 million.

Chances are his source is one of the 12 year old's on the IGN message board, and he's just mistaking it as fact.... (i could be wrong though...)

140 million isn't impossible guys. Just think of how many PS2's they bought..... 140million/$300 and how many games they bought 140million/$50 then that about sounds right.

It's probably the cost of adding all those ridiculous pop-ups and flash ads!! They've gone downhill ever since they started their "Insider" subscription crap.

I agree...$140 million is a bit steep...but who knows? In some of their articles there are discussions of lavish "offsite meetings." I have a feeling that these guys overspent their investor's money big time.

Eh?

Is this thread just going to become another tired bash IGN thread?

Umm... They don't buy those. They are supplied for free by the companies. Especially when you are unwilling to be negative the way IGN is.

How is this bashing? Simply stating a fact that they have a ridiculous amount of pop-up advertising. I still enjoy some of the content on their site, but the ads that pop-up in the middle of an article is downright annoying.

With the sheer amount of advertising on that site makes you wonder where the money is going.

I wouldn't say they're unwilling to be negative. They try to focus on the high points of games, but you can tell from the reviews if the game is good or not, even though they don't flat out say "it sucks".

Sorry, I wasn't directly addressing you with that second line. Just making a general comment of where I hoped this thread wouldn't lead.

Until there's some proof, is this even worth talking about?

Here you go: DVDTalk is $200 million in debt. Discuss.

oh ****! where did gkleinman spend it all?

the otter farm.

I appologize to all...I do have a life outside this board and am sorry that I didn't report back to this post every 20 minutes.

Anyways, no this isn't from the IGN boards, no I don't have evidence....but I have a very very reliable source who has a site there telling me this....think what you want....and look around, you're bound to find IGN ads on their site begging you to pay or else they will shut down.

And when I say IGN, I believe that includes the Snowball network (meaning they are actually $140 million in debt)

Secret inside sources don't equal proof. This is just a rumor until I see a link (and not one to your friend's website, or whatever). Not flaming you, just telling you how it is.

IGN is owned by Snowball. Way back in January, Snowball announced they only had $32 million cash which was enough for them to survive till 2002 (right around the corner.) Nasdaq has been threatning Snowball with delisting for the past year, as Snowball looked for ways to generate more funding, hence IGN's Insider section. Financial analysts have said that if Snowball gets desperate, it'll have to start shedding the websites that are in the red. IGN would be one of the first to go.

I tried to look for links but keep in mind, with the number of dotcoms closing every week, Snowball's finances is not that big of a deal. Do a search under "Snowball financial trouble" and you'll find bits and pieces of news although nothing that states they are $140 million in the red. Keep in mind that the figure is not unlikely, after all $140 million in the red is nothing compared to the debts of some of the dotcom giants that have fallen this year.

If I find a good link in the near future, I'll post it.

only thing i can find:

In filing its yearly report last week, the company said it had about $32 million in cash, cash equivalents and short-term investments as of December 31, 2000. The report indicates Snowball may need to seek additional financing and won't be profitable this year, but they say they've got enough cash to see 2002. The company's market cap is sitting at about $10.6 million and Snowball will probably receive a Nasdaq delisting notice in the near future with the stock hovering around $0.30.

There's not much in it for About if Snowball's seeking a buyer. UGO is desperately shifting gears towards providing hosting solutions and doesn't seem intent on expanding its network. Even the hosting game can be treacherous. UGO has shown up in a couple of bankruptcy filings over the past two weeks as a creditor. Cash upfront, that's the only way to do business and that's exactly why prostitution is the world's oldest profession.