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Gamestop to buy social gaming Kongregate

gamestop-storeThe recent decision of the famed video game retailer GameSpot has proclaimed an acquisition of the social gaming site Kongregate with an unrevealed amount.

GameSpot is considered to be a long time player in the digital gaming world with little interface in the digital distribution business.

However with respect to Kongregate that is known to have 10 million players on a monthly basis that employs Flash for games that aids in interaction with other players.

The site major source of revenue is the advertisement and at the same time the site charges for games where virtual items and extra digital content is bestowed making the platform more interesting.

Gamespot has stated that the deal will be sealed by August 1st, and the originators Jim and Emily Greer will continue to steer the organization.

Wedbush Morgan analyst Michael Pachter in retrospect of the deal stated:"The addition of Kongregate is intended to hasten the transformation of GameStop's website from a purely e-commerce site to a gaming platform."

He also believes that the deal has been priced approximately between $12 million and $40 million for the site.