Well, it was first rumored that Fox was going to pay $800 million for IGN, but that got dropped down by $150 million. I remember when IGN put itself up for sale after buying Gamespy and Rotten Tomatoes they were thinking they could go for $1 billion or more. It is true that IGN holds a lot of cards, let's just look at the sites that encompass IGN:
IGN Xbox 360
Gamespy Planets (Battlefield, Half-Life, etc.)
Voodoo Extreme 3D
I think I've named them all. That's probably why IGN thought it was worth over a billion, the problem is that now that Fox has bought it they will probably pare the company down by quite a bit. Gamespot covers games and probably has less than half the staff IGN has with all their game sites combined, so I would expect a possible fusion of all gaming news into one portal (probably Gamespy) and the staff will be cut quite a bit. That's just me thinking aloud though because Fox may just keep everything the same. I just think IGN has become overbloated with staff on specific channels and the purchases of Gamespy and Team Xbox.
I wonder if this will be the start of another buying spree as online media becomes a more centralized idea. Maybe the dot-com rush is coming again, this time with creating huge media empires in print and online.