DoCoMo Buys Stake in PacketVideo
Updated with stock price information.
PacketVideo, a wireless and multimedia software maker and unit of NextWave Wireless (WAVE), sold a 35% stake to Japan's largest mobile operator, the companies announced on Monday.
Tokyo-based NTT DoCoMo (DCM) paid $45.5 million in the all-cash deal in an attempt to maintain a steady stream of new mobile applications to the company. DoCoMo services 54 million customers in Japan.
DoCoMo and San Diego-based PacketVideo have worked together over the past decade, implementing many of PacketVideo's technologies into DoCoMo products. A press release announcing the deal said that the PacketVideo's main multimedia player, pvPlayer, has been installed in more than 90 DoCoMo handsets."We are honored to welcome DoCoMo as an investor," PacketVideo CEO James Brailean said. "We are building on our unique and highly successful relationship with DoCoMo to further strengthen PacketVideo's position in developing the best in class media experience, regardless of format or platform. PacketVideo is the global leader in delivering rich media solutions for mobile operators, and DoCoMo's support will enable us to accelerate our innovation and growth." Just after the opening bell, NextWave shares were up nearly 6 cents to 53 cents, while DoCoMo ADSs were up 34 cents to $14.77.
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