Sony Buys

Sony Pictures Entertainment announced early Wednesday morning that it’s shelling out $65 million to buy viral video Web site (

The deal -- which comes just one week after Barry Diller’s InterActiveCorp bought -- is the latest example of how big media companies are looking to drive ad revenue through Web sites that rely on content generated primarily by amateur video producers.
“I think user-generated content and the sites around [it] are businesses or platforms unto themselves in the same way that television networks [are],” Sony Pictures CEO Michael Lynton told Reuters.