NTT DOCOMO Buys 35 Percent Share in PacketVideo
NTT DOCOMO and PacketVideo Corporation announced that DOCOMO has acquired a 35-percent stake in PacketVideo for $45.5 million. The all-cash transaction, effective immediately, is intended to strengthen DOCOMO`s position in advanced music and video services in Japan. Both companies have been sharing technology solutions since 1998, which has seen PacketVideo`s multimedia applications being incorporated in DOCOMO`s FOMA 3G mobile network services. To date, PacketVideo`s popular CORE multimedia player, pvPlayer, has been installed in more than 90 DOCOMO handset models.
The strategic alliance will enable DOCOMO to enhance its music and video service offerings while augmenting the competitiveness of both companies. In particular, the strengthened partnership will facilitate the efficient joint development of PacketVideo`s new technologies, ensuring a stable supply of increasingly advanced mobile applications technologies to DOCOMO.
Toshio Miki, Associate Senior Vice President, Managing Director of Communication Device Development Department for NTT DOCOMO, said: "PacketVideo has been a key supplier of software to DOCOMO and has made important contributions to the success of our services in the Japanese market. We are pleased to become an equity partner of PacketVideo and are very confident of the company's continued growth and long-term success."
James Brailean, Ph.D., CEO of PacketVideo said: "We are honored to welcome DOCOMO as an investor. 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."
PacketVideo Corporation is a subsidiary of NextWave Wireless Inc. a leader in wireless and digital home multimedia software and service applications.