Viacom to acquire Xfire

Viacom to acquire Xfire

Viacom is further enhancing its portfolio of services by acquiring Xfire, an online games technology company.

This deal is worth around $102 million and it would help them target the ever-growing youth market on the Internet.

Viacom already has a phenomenal presence in the television market as they have popular brands like MTV Networks, Nickelodeon and the Paramount movie studios.

Xfire would bring to them 4 million registered members who use its instant messaging and social networking technologies.

Viacom Chief Executive Tom Freston said in a statement on this latest acquisition deal: “It’s a wonderful component of our overall digital strategy, particularly on the gaming front. Our key audiences are and probably will remain kids, teens, young adults — we want to be anywhere these audiences are.”

The company is further looking at other potential acquisition offers. In addition, Viacom is also investing in building up entertainment channels it already owns into new formats.