Viacom is further expanding its portfolio of services by acquiring Xfire, an online games technology firm.
Viacom will buy Xfire for around $102 million this acquisition will help Viacom target the ever-growing youth market on the Internet.
Viacom already has an exceptional 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 Xfire instant messaging and social networking technologies.
“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.” Said, Viacom Chief Executive Tom Freston.
Viacom is further looking at other potential acquisition offers. Additionally, Viacom is also investing in building up entertainment channels it already owns into new formats.