News Corp To Buy IGN Entertainment For $650 Million

News Corp, the media company controlled by Rupert Murdoch, agreed to buy IGN Entertainment Inc. for $650 million as part of a plan to expand its Internet businesses.

IGN, based in Brisbane, California, will become part of the Fox Interactive Media unit, New York-based News Corp. said in an e-mailed statement today. IGN runs video-game related Web sites including GameSpy.com and IGN.com as well as Rottentomatoes.com, a movie-fan site. IGN filed with the Securities and Exchange Commission in July to sell as much as $200 million in stock in an initial public offering.

Murdoch commented that “We have gone a long way toward achieving two of our key strategic objectives in our efforts to become a leading and profitable Internet presence