MTV Shocks, creates Shokcwaves, buy Shockwave.com

MTV Networks has announced a definitive agreement to acquire Atom Entertainment, a known operator of online film and gaming Web sites, for an amount of around $200 million. Atom Entertainment has four leading Web sites encompassing games, short films, and video; namely, Shockwave.com, AddictingGames.com, AtomFilms.com, and AddictingClips.com. For MTV Networks, the acquisition furthers its aim of building an attractive universe, comprising music, gaming, entertainment, news, et al. Sources say that adding Atom to MTV's overall portfolio fits exactly with the company strategy of offering its targeted, global audiences a superlative online video experience. As per MTV estimates, the acquisition will bring-in over 50 million gamers, playing over 400 million games per month. The deal is expected to close in Q3 2006.