UGO Entertainment Buys 1UP Gaming Network; EMG Bites Dust

Hearst Corporation unit UGO Entertainment has agreed to acquire 1UP.com , a property attracting a gamer audience along with its associated sites including GameVideos.com, MyCheats.com and GameTab.com. There had been rumors about a pending acquisition for a couple of weeks (more specifically, reported by Joystiq ), but yesterday evening the company released the official news. The acquisition deal is structured as an asset purchase between UGO Entertainment, which itself was acquired by Hearst Corp back in July 2007 for a reported $100 million plus, and the Ziff Davis Games Group who owned the 1UP Network.