MTV Networks Agrees to Acquire RateMyProfessors.com
MTV’s 24-hour college network, mtvU, a division of Viacom Inc. (NYSE: VIA, VIA.B) has agreed to purchase the Internet’s largest listing of college professor ratings, RateMyProfessors.com.MtvU now claims to have the second most trafficked set of general interest college-focused websites. No financial details were disclosed.
RateMYProfessors.com currently contains over 6.6 million user-generated ratings of over 900,000 college professors and reaches about 10 million total college students each year, according to a statement released by mtvU.
"This deal marks another step forward in our overall digital strategy and brings a large, active and engaged community of college students to our growing online portfolio," said Judy McGrath, Chairman and CEO, MTVN.
The move is part of MTV Networks decision to diversify. It has recently purchased other properties such as Y2M, a network of online college newspapers in the U.S. which has grown to more than 500 since being acquired in August of 2006, according to MTVN.
Other acquisitions include Atom Entertainment, Game Trailers, Harmonix, IFILM, Neopets and Xfire. The RateMyProfessors.com deal is expected to close during the first quarter of 2007.
Shares of Viacom were up 11 cents to $41.98 in morning trading on the New York Stock Exchange.