UPDATE: IGN & UGO Merger Official
UPDATE: 1UP (one of the sites owned by UGO) reports that the merger between IGN and UGO is real. According to 1UP's post, this change will not immediately effect 1UP or UGO as individual sites. They will remain up and operate separately from IGN for the time being. Best of luck to our ever-growing friendly rival.
ORIGINAL STORY: Gaming networks IGN and UGO – including 1up.com – are reported to merge, with IGN parent company News Corp. (owners of Fox News, among other media outlets) planning a new IGN spin-off site.
The Wall Street Journal also reports that News Corp's wheeling and dealing may not be done, as other acquisitions are planned. UGO is owned by Hearst, and includes sites like 1up.com GameVideos.com, and more.
Naturally, the spin-off site will also cover gaming news and culture. The official announcement is expected this week.