MTV buys iFilm for $49 million

MTV Networks, a division of Viacom, has acquired online video purveyor iFilm for $49 million, the companies said Friday. As previously reported, the deal was expected to come together this week. iFilm, a privately held company in Los Angeles, distributes short videos from Hollywood studios and amateur filmmakers over the Web, drawing more than 10 million visitors a month, the company said.

Wow. Sometimes I just don’t realize how huge a website is until it’s bought by a large company for an insane amount of cash. Read all about it at News.com.